Credit: Dispute resolution
You are required to have a dispute resolution system in place if you are:
- an Australian financial services (AFS) licensee
- an unlicensed product issuer
- an unlicensed secondary seller
- an Australian credit licensee (credit licensee)
- a credit representative
- an unlicensed carried over instrument lender
- a securitisation body.
Requirements for the dispute resolution system
The dispute resolution system must consist of:
- internal dispute resolution (IDR) procedures that meet the standards or requirements made or approved by ASIC
- membership of the Australian Financial Complaints Authority (AFCA).
Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165) sets out the obligations for businesses that are required to have IDR procedures in place and be members of AFCA.
Related links
- Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205)
- RG 165
- Information Sheet 146 Responsible lending disclosure obligations: Overview for credit licensees and representatives (INFO 146)
- Information Sheet 135 Annual compliance certificates for credit licensees (INFO 135)
- Information Sheet 126 Credit representatives (INFO 126)
- Regulatory index – Credit