Technology tools to support your RG165 Compliance

Have you got the technology tools to support your RG165 Compliance?

ASIC is currently consulting on changes to Internal Dispute Resolution (CDP165) updating RG165.

The changes proposed are designed to improve how regulated firms handle complaints and expands the platforms and expectations around how these are captured and responded to.

  • Does your current method of capturing complaints include those made on your social media platforms?
  • Are you able to easily report on the types of complaints and demonstrate escalation process and plans around systemic issues and escalation?

Key changes to Regulatory Guide 165 Licensing: Internal and external dispute resolution highlighted by Minter Elison include:

Strengthening the requirement that firms take a systematic focus to complaints handling including: 

  • Requiring financial firms to record all complaints and expressions of dissatisfaction
  • Requiring boards and financial firm owners to set clear accountability 
  • Requiring reports to the board and executive committees to include metrics and analysis of consumer complaints 
  • Requiring financial firms to identify possible systemic issues from complaints 
  • Requiring financial firm staff who handle complaints to promptly escalate possible systemic issues 
  • Requiring financial firms to have processes and systems in place to ensure that systemic issue escalations are followed up 
  • Complaints tracking requirements –  to facilitate complaints data reporting to ASIC, the regulator proposes that all firms be required to record an identifier or case reference number (unique to that complaint) for each complaint received. 

RG165 Compliance

Among other things, ASIC proposes to expand the definition of complaint to include expressions of dissatisfaction made ‘to or about’ an organisation including on a firm’s own social media platform(s), to reduce the maximum time frames for IDR processes and to set new requirements for tracking and responding to complaints.

The AICD amongst others supports ASIC in updating its existing internal dispute resolution (IDR) requirements to improve the way that consumer complaints are dealt with across the financial system. 

“We agree that it is essential for consumers and small businesses to have access to transparent, fair and timely IDR processes.”

The timeline for the changes to be in place are early 2020. ASIC proposes that all financial firms must comply with the requirements set out in the draft updated RG 165 and supporting legislative instruments immediately on the publication of the updated RG 165. This is expected in early 2020.

Next Steps

Destined is able to support you to get the right technology tools to meet these requirements.

RG165 Compliance

Salesforce Financial Services Cloud or Service Cloud provide the perfect foundation to meet the requirements around case tracking, escalation, metrics and analysis of consumer complaints and reporting.  

This intuitive system will enable your staff to track complaints with individual case numbers aggregate the data and identify systemic issues to be both reported on and performance improvement plans enacted.

Organisations that already have a strong social presence can leverage Social Studio, Social Automate and the Service functionality of Salesforce to ensure you are actively listening to your social channels and responding in a timely manner. These solutions enable you to be even more proactive and go beyond your own channels to the wider discussions that might be taking place around your brand and services in the market.

With a strong track record in financial services across Marketing, Service, Sales and Social, Destined is ideally placed to support your organisation.

To discuss next steps email 

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