AFA News 14 July 2021. October 2021 will be a big month for important changes that will impact the financial services sector. We have a new breach reporting regime commencing, reference checking becomes mandatory, Design and Distribution obligations commence and phase 2 of the APRA Intervention in the IDII market commences.
Importantly also, on 5 October 2021, a new complaints regime commences. These new obligations are set down in ASIC Regulatory Guide 271. This new regime involves a number of key changes:
- It is enforceable.
- The maximum timeframe to finalise a complaint is reduced from 45 days to 30 days.
- Certain social media complaints will need to be captured.
- Even complaints that are resolved within the first 5 days need to be recorded.
These are just a few of the changes. For more information on the new complaints regime under Regulatory Guide 271, please register now for the AFA Webinar on 27 July 2021 – How to comply with new ASIC Complaint requirements under RG271.
Issued 14.07.2021. AFA Policy & Education Update
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