Soon of the GRC Professional Podcast the GRC Institute Strategic Engagement Consultant Carole Ferguson will be talking about final Internal Dispute Resolution(IDR) Data reporting requirementsthat are meant to kick in next year.
When the final draft of IDR data reporting requirements was published the Australian Securities and Investments Commission deputy Chair Karen Chester said in an official statement, “ASIC collecting and ultimately publishing system wide IDR data is a consumer centric milestone.”
Chester continued, “The data will give greater and public visibility of where harms may be occurring, across the financial system and down to the firm level. It will also elevate ASIC’s ability to be a data driven regulator. Ultimately, we all want to see consumers benefit when firms use this data to benchmark, even compete on, their IDR performance and to improve the way they respond to consumer complaints in practice.”
For regulated entities it is about meeting the consumer centric expectations and getting IDR reporting right.
ASIC provided a list 11 licenses who have a February deadline:
Commonwealth Bank of Australia
Australia and New Zealand banking Group
National Australia Bank Limited
Westpac Banking Corporation
AMP Limited
Dai Ichi Life Holdings, Inc (TAL)
Insignia Financial Ltd (IOOF)
Cbus
UniSuper
Retail Employees Superannuation Trust
AustralianSuper
The rest of the regulated entities have until August.
Catch up with our previous episodes that look at IDR requirements before thehandbook was published.
