The Australian Securities and Investments Commission (ASIC) has announced changes to its approach for publishing data on internal dispute resolution (IDR) and reportable situations (RS), following industry consultation.
The regulator’s revised strategy was outlined in a feedback summary released on Sept. 25, reflecting input from 47 submissions to Consultation Paper 383.
ASIC will proceed with its plan to release IDR data at the firm level, providing detailed insights into how individual financial services firms, including insurers, manage customer complaints.
However, the regulator has decided not to publish RS data at the firm level at this time. Instead, RS data will be shared in aggregate form, a decision made after weighing the benefits of transparency against concerns about the evolving nature of the RS reporting framework and recent changes to reporting requirements.
ASIC stated that its decision “sought to balance the benefits of firm-level transparency against concerns around the maturity of the RS regime, particularly following recent changes to firms' reporting obligations.”
The regulator has also made adjustments to the IDR dashboard to address issues such as complainant privacy, the comparability of data, and the inclusion of explanatory material to help contextualise the information.
The move to publish firm-level IDR data is intended to support the objectives of recent IDR reforms, which aim to improve accountability, encourage better practices among firms, and provide customers with accessible information.
This initiative aligns with the Australian Financial Complaints Authority’s (AFCA) ongoing publication of external dispute resolution data at the firm level.
ASIC’s Corporate Plan for 2024-25 confirms the regulator’s commitment to enhancing consumer outcomes by making firm-level IDR data available in 2025 and developing a framework for the ongoing publication of RS data.
The RS dashboard is scheduled for release in October, with the IDR dashboard to follow later in the year.
In parallel with its data publication initiatives, ASIC has undertaken a significant reduction in regulatory documentation, removing more than 9,200 pages since January.
This effort is part of a broader program to streamline compliance obligations and improve clarity for regulated entities, including those in the insurance sector.
ASIC’s “Regulatory Simplification” report details these changes and invites further feedback from stakeholders on ways to reduce regulatory complexity.
Recent actions include a major overhaul of ASIC’s website, pilot programs to help small business directors and financial advisers understand their obligations, and the consolidation of legislative instruments.
The regulator has also withdrawn 181 pages of regulatory guides and is moving toward digital processes, such as enabling email lodgement and introducing electronic signatures for all forms by Oct. 1.
ASIC is encouraging industry participants to provide feedback on its simplification program, with submissions open until Oct. 15.
The regulator continues to work with Treasury on law reform, focusing on opportunities to further streamline the regulatory environment for the financial services sector.
