ASIC RG 271 Requirements
ASIC's most recent requirements for how financial firms deal with consumer complaints are set out in RG 271, which ups the ante considerably when it comes to Internal Dispute Resolution (IDR). This drives home a real need to ensure the fair treatment of customers, while upholding the highest standards of regulatory compliance. Effective from 5 October 2021, RG 271 mandates the updated standards and requirements for IDR, which will undoubtedly bring major changes for the financial services industry in Australia.
Enter Aptean Respond—a powerful solution to meet the new RG 271 challenges.
Not only does Respond facilitate increased speed to resolution and an enhanced customer experience, but it can also be instrumental in ensuring the fair treatment of vulnerable customers. By putting the right processes in place, Aptean Respond can help to effectively manage the end-to-end customer complaint journey, fulfiling the duty of care that all financial services organisations must uphold, while achieving full compliance in-line with RG 271.
How Aptean Respond Helps
Solve These Challenges
Respond manages the entire complaints process through each stage of its life cycle in a single, unified system. Intuitive workflows guide front-line staff members through the registration and informal resolution process, ensuring mandatory information and activity are captured accurately and consistently before the complaint is automatically escalated to the relevant IDR Team/Officer.
This gives front-line staff and IDR officers a single view of the case, ensuring all complaint details are correctly captured in a single location, enabling greater responsiveness and the ability to immediately acknowledge the customer.
Efficiency and Compliance
A comprehensive solution for improving consumer interactions, Respond speeds up case resolutions and captures actionable insights to help you provide an outstanding customer experience.
Respond's highly configurable workflow encapsulates all the elements of RG 271 as standard processes—automating time-consuming, repetitive steps such as responding to customers, escalation procedures and reminders. The automatic mail merge functionality auto populates case data into communications, which can be mailed or emailed to the customer. All this allows your team to focus on the specific needs of each customer, delivering a consistently sound experience—resulting in measurable improvements in complaint handling.
Providing a broad range of tools for extracting the RG 271-required insights on customer satisfaction and complaints metrics, Respond can produce comprehensive regulatory reports using the IDR data dictionary. Interactive, customisable dashboards provide at-a-glance visibility into the MI that matters the most—from case pipelines and outstanding tasks, to performance metrics, root cause trends and more.
With real-time reporting as standard, Respond delivers in-depth insight into complaint handling performance, as well as helping to form a solid understanding of the root cause of complaints, identifying systemic issues and the proximity of cases to service levels.
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