Credit: Dispute resolution
Credit licensees must have a dispute resolution system that consists of:
- internal dispute resolution (IDR) procedures that meet the standards or requirements made or approved by ob体育; and
- membership of the Australian Financial Complaints Authority ().
Internal dispute resolution (IDR)
Regulatory Guide 271 Internal dispute resolution (RG 271) sets out how financial firms that are required to comply with IDR requirements can meet their obligations. The requirements relate to matters such as how firms must record and respond to complaints, and the timeframes for doing so.
Internal dispute resolution data reporting
Credit licensees with IDR obligations under RG 271 will also need to report IDR data to ob体育.
External dispute resolution (EDR)
Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority (RG 267) sets out which financial firms must be members of and how ob体育 will perform its oversight role in relation to AFCA.
AFCA is a single dispute resolution scheme for financial services and commenced operations on 1 November 2018.
AFCA can consider complaints about:
Notifying ob体育 of changes to your AFCA membership
You must inform ob体育 in writing about changes to your AFCA membership.
This includes circumstances where:
- you fail to renew your AFCA membership,
- you no longer require AFCA membership; or
- AFCA has terminated your membership of the scheme.
More about your credit licence obligations
Dispute resolution and consumers
Information about dispute resolution for consumers is on ob体育鈥檚 consumer website聽.
Related links
- Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205)
- 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)