The Australian Securities and Investments Commission (ASIC) has released internal dispute resolution (IDR) reporting documents, which will be tested in a pilot involving financial firms later in the year.
This release represented the next step in preparedness for ASIC’s implementation of the Government’s mandatory IDR data reporting framework, which came out of the Ramsay Review of the financial system dispute resolution framework.
Included was a data dictionary (to set out the information that financial firms will be required to collect and report to ASIC) and data glossary (to provide explanations about the key terms in the data dictionary).
ASIC said: “IDR data reporting is intended to improve transparency in the IDR system, assist consumer decision making and allows firms to benchmark themselves against their peers. It is also intended to assist ASIC in identifying emerging issues.
“The pilot versions of the data dictionary and data glossary have been developed and substantially simplified through two rounds of public consultation.
“The documents are designed to align as closely as possible with the reporting approach of the Australian Financial Complaints Authority so as to develop an end-to-end picture of financial system complaints.
“Key changes made in response to consultation include to:
- Remove free text fields;
- Remove mandatory reporting of demographic information; and
- Allow flexibility to including multiple products/services and issues per complaint.
“Financial firms should now consider how to map their own complaints systems to the data dictionary.”
ASIC said it was aware most financial firms would already be collecting granular and detailed data about the complaints they received.
The final versions of the data dictionary and glossary could differ from the pilot versions, but it aimed to keep any changes to a minimum.
ASIC has also released REP 693 Response to submissions on ASIC’s IDR data consultations that sets out its response to submissions received on the data reporting requirements in ‘Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311)’ and the Addendum to CP 311 (Addendum).
Included in CP 311 and the Addendum was an outline of ASIC’s approach to implementing the IDR data framework and draft versions of the data dictionary.