Who must be a member of an ASIC-approved dispute resolution scheme?
Regulatory Guide 165 explains who must have a dispute resolution system and the key features of such a system.
One key feature is that financial service licensees have in-house processes to handle complaints received about their products and services, and even how they handle complaints.
Another key feature is that financial service licensees be a member of an external dispute resolution scheme approved by ASIC for complaints that cannot generally be resolved in-house.
How we approve external dispute resolution schemes
Regulatory Guide 139 tells you how we approve and oversee external external dispute resolution schemes operating in the financial system. It explains:
the guidelines we use when we approve schemes, and
how to get your scheme approved.
Superannuation Complaints Tribunal
The Superannuation Complaints Tribunal (SCT)is an independent tribunal set up by the Commonwealth Government to deal with complaints about superannuation funds, annuities and deferred annuities, and retirement savings accounts.If all of the financial services you provide are covered by the SCT, you do not have to join an approved external dispute resolution scheme.
Phone: 1300 884 114 or (03) 8635 5580
Email: info@sct.gov.au
Website: www.sct.gov.au
Read our monitoring reports Compliance with financial industry codes of practice (on our consumer website FIDO), for statistics on disputes in banks, credit unions, building societies and with electronic funds transfer transactions.
