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ASIC updates regulatory guidance

by Martha.Ware 3. May 2011 14:32

Following ASIC's consultation in Consultation Paper 138 Dispute resolution requirements for trustee companies providing traditional services (CP 138), the following regulatory guides have been updated:

       -    Regulatory Guide 165 Licensing: internal and external dispute resolution (RG 165); and
       -    Regulatory Guide 139 Approval and oversight of external dispute resolution schemes (RG 139).

The aim of the updates is to help improve avenues for making complaints from 1 January 2012. The key changes made to RG 165 and RG 139 reflect the unique nature of traditional services complaints – especially complaints involving more than one beneficiary under a will, estate, trust (not including a charitable trust) or common fund managed by a traditional services business (multiple beneficiary complaints).

The updated guidance outlines what businesses providing traditional trustee company services must do to have a compliant dispute resolution system, so that customers and beneficiaries can access internal dispute resolution (IDR) and external dispute resolution (EDR) complaints avenues.

Customers and beneficiaries will be able to complain directly to their traditional services business using IDR procedures, or to the ASIC-approved EDR scheme to which the business belongs.

The updated regulatory guidance applies to the 28 businesses listed in Schedule 8AA of the Corporations Regulations 2001 which must meet the dispute resolution requirements (unless they operate under transitional arrangements and consolidate their traditional services business with an existing licensee’s business before 1 January 2012).  

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