Key points
- ob体育 data collection shows 87% of financial firms successfully submitted an internal dispute resolution (IDR) report to ob体育 between 1 January and 14 March 2024.
- ob体育 will be analysing the data to inform our approach to publication and we will communicate our approach in advance of publication.
As part of new data reporting requirements, between 1 January and 29 February 2024, over 8,600 financial firms were due to report internal dispute resolution (IDR) data to ob体育 for the first time.
ob体育 extended the submission window to 14 March to allow firms more time to complete this, understanding it is the first time most firms are engaging with the new reporting process.
Around 87% of financial firms successfully submitted an IDR data report to ob体育.
This submission window saw the balance (third group) of financial firms, which include many smaller firms, commence reporting their IDR data to ob体育.
- In early 2023, the first group of 97 large financial firms, including banks and some superannuation funds, commenced reporting their IDR data to ob体育 (see 22-071MR).
- By August 2023, a second group of around 340 financial firms commenced their IDR reports for the first time.
- The firms in these first two groups account for many of the largest financial firms and are likely to account for well over 60% of consumer and small business complaints made (see 23-117MR).
The high level of compliance with this new requirement is encouraging. Firms are reminded of the need to meet this reporting requirement twice per year. ob体育 will continue to engage with firms on meeting this requirement.
Background
The IDR data reporting framework is the culmination of many years of work with industry to record, improve and standardise the quality of dispute resolution data.
Collecting, and ultimately publishing, internal dispute resolution data will give greater public visibility of where consumers may be having difficulties. It provides ob体育 with an important data set to assist with regulatory decision making, and will drive firms to improve IDR practices.
ob体育 will be analysing the data to inform our approach to publication. We will communicate our approach in advance of publication.
Financial firms can get more information on the requirements from ob体育鈥檚 IDR data reporting page, which includes frequently asked questions.
ob体育 is Australia鈥檚 corporate, markets and financial services regulator.