ASIC - Implementation timeframes for IDR data reporting

AFIA members covered by the timeframes for the ‘second tranche’ of new internal dispute resolution (IDR) reporting requirements, should have reported their outcomes to ASIC by 31 August 2023.

The reporting requirements flowed from legislative changes made in response to the 2017 Ramsay Review of financial system EDR and complaints framework.

Further information on the reporting requirements can be found on ASIC’s website.

Reporting timeframes for the three tranches are outlined below:

• First tranche firms have already submitted their first IDR reports to ASIC. Their first submission window was 1 January to 28 February 2023, covering the six-month reporting period 1 July to 31 December 2022, and their reporting obligations are now ongoing.
• Second tranche firms will first report in the submission window from 1 July to 31 August 2023, covering the six-month reporting period 1 January to 30 June 2023.
• Third tranche firms will first report in the submission window from 1 January to 29 February 2024, covering the six-month reporting period 1 July to 31 December 2023.