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ASIC clamps down on financial service licensee complaints process

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Australian Broker | 19 Nov 2013, 05:00 AM Agree 0
The regulator says financial services licensees must now acknowledge complaints 'immediately', regardless of how their received
  • QEDRisk | 19 Nov 2013, 10:04 AM Agree 0
    1. What is "immediately"? ISO10002 says "in writing within 5 days"
    2. You've never been able to force the complainant to put it in writing, so what's the big deal, ASIC?
    3. Why is the "latest" RG165 on ASIC's website still June 2013?

    I'm growing tired of the lack of professionalism at ASIC.
  • QEDRisk | 19 Nov 2013, 10:13 AM Agree 0
    1. What is "immediately"? ISO10002 says "in writing within 5 days"
    2. You've never been able to force the complainant to put it in writing, so what's the big deal, ASIC?
    3. Why is the "latest" RG165 on ASIC's website still June 2013?

    I'm growing tired of the lack of professionalism at ASIC.
  • Denise Brailey BFCSA (Inc) | 19 Nov 2013, 11:02 AM Agree 0
    That's a bit rich! 150 complaints to ASIC re Lenders and all the complainants received weeks later was fob off form letters. It is ASIC that needs a lesson in complaint handling and precisely why they themselves are the serious subject of a current Parliamentary Inquiry on their own abysmal Performance.
  • MelbBroker | 19 Nov 2013, 02:59 PM Agree 0
    Hmmm, yet COSL has no time frames at all it would seem. A complaint is even picked up within 90 days.
    Is this the same ASIC who said last week they were investigating a problem and 'if brokers were involved' they would be hunting them down? But no mention of any action against the bank who were definitely involved?!?!?
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