Regulatory Compliance Management Made Easy

Australia Regulations: RG 271 & RG 165

AU Flag

The Australian Financial Complaints Authority (AFCA) is the dispute resolution scheme for financial services in Australia, while the Australian Securities and Investments Commission (ASIC) regulates financial services to protect consumers, investors and creditors.

ASIC has taken a strong view on complaints handling, with in-depth requirements laid out in RG 165 and RG 271 prescribing how customer complaints must be handled by financial firms in Australia. This has resulted in a huge impact on Internal Dispute Resolution (IDR) processes for financial services organizations.

At Aptean, we stay up-to-date with all the guidance issued by the AFCA, as well as the specific requirements set out by ASIC, delivering innovative features and processes within our Respond solution to address the specific requirements of RG 165 and RG 271.

Aptean Respond offers purpose-built functionality to help Australian financial services organizations resolve complaints efficiently while staying compliant with the latest regulations. Our solution also goes a step further, helping your organization see the bigger picture of customer complaints. With Respond, you can transform your complaints management process into a source of new business insights, identifying trends and root causes of customer feedback to drive improvements that increase customer loyalty for the long term.

ASIC RG 271 Requirements

ASIC's most recent requirements for how financial firms deal with consumer complaints are set out in RG 271, which ups the ante considerably when it comes to Internal Dispute Resolution (IDR). What this means for financial services businesses is a real need to ensure customer experience excellence, while upholding the highest standards of regulatory compliance. Effective from 5 October 2021, RG 271 mandates the updated standards and requirements for IDR, which will undoubtedly bring major changes for the financial services industry in Australia.

Respond – a powerful solution to meet the new RG 271 challenges

Not only does Respond facilitate increased speed to resolution and an enhanced customer experience, it can also be instrumental in ensuring the fair treatment of vulnerable customers. By putting the right processes and procedures in place, Aptean Respond can help to effectively manage the end-to-end customer complaint journey, fulfilling the duty of care that all financial services organizations must uphold throughout every customer interaction, while achieving full compliance in-line with RG 271.

How Respond can help solve these challenges

Data Integrity
Respond manages the entire complaints process through each stage of its lifecycle in a single, unified system. Intuitive workflows guide front-line staff members through the registration and informal resolution process, ensuring mandatory information and activity are captured accurately and consistently before the complaint is automatically escalated to the relevant IDR Team/Officer.

This gives front-line staff and IDR officers a single view of the case, ensuring all complaint details are correctly captured in a single location, enabling greater responsiveness and the ability to immediately acknowledge the customer.

Efficiency & Compliance
A comprehensive solution for improving consumer interactions, Respond speeds up case resolutions and captures valuable actionable insights to help your business to provide an outstanding customer experience.

Respond's highly configurable workflow encapsulates all the elements of RG 271 as standard processes, with time-consuming, repetitive steps such as responding to customers, escalation procedures and reminders, all automated and handled by the system. The automatic mail merge functionality will auto populate case data into the automatic communication, which can be then mailed or emailed to the customer as per customer preference. This allows the team to focus on the specific needs of the customer, delivering a consistently sound customer experience, which in turn results in measurable improvements in complaint handling.

Data Insights
Providing a broad range of tools for extracting the RG 271-required insights on customer satisfaction and complaints metrics, Respond has the ability to produce comprehensive regulatory reports using the IDR data dictionary. Interactive, customizable dashboards provide at-a-glance visibility into the MI that matters the most — from case pipelines and outstanding tasks, to performance metrics, root cause trends, and more.

With real-time reporting as standard, Respond delivers in-depth insight into complaint handling performance, as well as helping to form a solid understanding of the root cause of complaints, identifying systemic issues, and the proximity of cases to service levels.

ASIC Compliance Features

  • Capture data across all channels including social, email, phone and web
  • Elevate customer experience and customer loyalty with improved customer interactions
  • Empower staff with the tools to help resolve complaints promptly and in accordance with regulatory guidelines
  • Ensure compliance with response times by automating repeated tasks and actions
  • Deliver strategic value through tailored actionable insights
  • Review IDR processes including the actions taken and decisions made

Learn More

More Regulations:



More Information and Resources