You are required to have a dispute resolution system in place if you are an:
Australian financial services (AFS) licensee
unlicensed product issuer
unlicensed secondary seller
Australian credit licensee (credit licensee)
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, and
membership of one or more ASIC-approved external dispute resolution (EDR) schemes.
Further requirements for credit licensees
If you are registered to engage in credit activities from 1 July 2010, you must also become a separate member of an ASIC-approved EDR scheme.
Regulatory Guide 165 sets out the obligations for AFS licensees, unlicensed product issuers, unlicensed secondary sellers, registered persons, credit licensees and credit representatives in relation to IDR and membership of an ASIC-approved EDR scheme.