ASIC publishes Internal Dispute Resolution data dictionary and glossary ahead of pilot
ASIC has released internal dispute resolution (IDR) reporting documents, which will be tested in a pilot involving financial firms from across relevant industry subsectors in late 2021.
This release represents the next step in preparedness for ASIC’s implementation of the Government’s mandatory IDR data reporting framework, which came out of the Ramsay Review of the financial system dispute resolution framework. IDR data reporting is intended to improve transparency in the IDR system, assist consumer decision making and allows firms to benchmark themselves against their peers. It is also intended to assist ASIC in identifying emerging issues.