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RG271 taking effect on 5 October 2021

Tuesday 16, Feb 2021

ASIC has released the new regulatory guideline to come into force on 5 October. SOCAP is now offering two seminars on Obligations and Implementation as well as Effective Complaint Management Systems to ensure you and your team are RG271 ready with an IDR that meets ASIC’s standards and requirements.   

The revised guide is intended to deliver improved outcomes for consumers by ensuring that complaints are resolved in a fair, timely and effective manner and reducing the need to escalate complaints to external dispute resolution. 

The new guidance attempts to balance the needs of complainants and financial services firms by ensuring that the standards are both achievable and practical.

Financial services firms cannot take the IDR obligations lightly as certain key standards and guidance in the guide are enforceable provisions, and these demonstrate that ASIC intends to hold financial services firms accountable where they fail to deal with complaints in an appropriate manner or where they deliver poor consumer-outcomes. Failing to meet the RG 271 obligations may even be considered a breach of the Australian Financial Services Licence condition to comply with all applicable financial service laws and regulations.

The Regulatory Guide can be downloaded on the ASIC website.

Watch the Implementing RG271 Regulations SOCAP webinar with Michael Hill Chairman of ISO 22458 Committee.

Read more and register for the RG271 seminars: