Journal article

Enhancing the Internal Dispute Resolution Processes of Financial Firms for Consumer Complaints

Ian Ramsay, Miranda Webster

Competition and Consumer Law Journal | LexisNexis Australia | Published : 2019

Abstract

Internal dispute resolution (IDR) is an essential part of the dispute resolution framework for resolving the complaints by consumers about products or services provided by Australian financial firms. Consumers must first raise their complaint with the financial firm before they can ask the Australian Financial Complaints Authority (AFCA) to resolve their dispute. However, there are concerning problems with current IDR procedures and practices. Financial firms are not consistently meeting the IDR requirements of the Australian Securities and Investments Commission (ASIC), and some financial firms are failing to identify and record complaints. Reporting of IDR complaints by financial firms is ..

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University of Melbourne Researchers