Regulatory Guide 139: Approval of External Complaints Resolution Schemes, Australian Securities and Investments Commission, 1999
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| Full Title: | Regulatory Guide 139: Approval of External Complaints Resolution Schemes |
|---|
Author(s)
- Australian Securities and investments Commission
Publisher
Australian Securities and investments Commission
Year Published
1999
Relevance to particular mechanisms
Summary
This guide was produced by the Australian Securities and Investments Commission (ASIC), which has the express function of monitoring and promoting market integrity and consumer protection in the Australian financial system. ASIC is responsible for overseeing the effective operation of external complaints resolution schemes, and approving these schemes as required. The guide applies to any external complaints resolution scheme operating in the financial system that requires or seeks our approval.
The guide:
- provides information about ASIC’s role in relation to external complaints resolution schemes
- explains which schemes will need to obtain approval from ASIC
- identifies the guidelines by which ASIC will assess a scheme for approval, and provides information about how ASIC will interpret and apply the guidelines
- explains how a scheme should apply for ASIC approval and outlines how ASIC will liaise with schemes.
The guide states ASIC’s belief that industry-supported external complaints resolution schemes play a vital role in the broader financial services regulatory system and have provided: (a) a forum for consumers to resolve complaints that is quicker and cheaper than the formal legal system; and (b) an opportunity to improve industry standards of conduct and to improve relations between industry participants and consumers.
The Guide was introduced in the context of law reforms and law reform proposals which meant that an increasing number of industry participants were, or were likely to be, required to join a complaints resolution scheme approved by ASIC s as a condition of carrying on their business. The approval guidelines were designed to promote the harmonisation of minimum standards across complaints schemes operating in the financial system, while recognising legitimate differences between industries or between schemes. ASIC also sought to improve communication with each of the schemes to promote industry and consumer confidence in the financial system. Its stated aim was to support the effective resolution of consumer complaints, contribute to the strength of the complaints resolution sector.
Click here to dowload the Guide:http://baseswiki.org/w/images/en/2/26/Oz_financial_industry_complaint_mechanism_standards.pdf
Associated BASES Profiles
Keywords
financial sector, external complaints resolution, Australian Securities and Investments Commission, Australia
Attachments
