ASIC publishes IDR reporting documents

The documents include a data dictionary, which includes information firms are required to collect and report to ASIC, and a data glossary which lays out key terms in the dictionary.

The pilot versions of the dictionary and glossary were developed through two rounds of public consultation and aim to ”align as closely as possible with the reporting approach of the Australian Financial Complaints Authority”.

Key changes made in response to the consultation include to remove free text fields and mandatory reporting of demographic information and to allow flexibility to including multiple products and or services and issues per complaint.

“Financial firms should now consider how to map their own complaints systems to the data dictionary,” ASIC said in a statement.

“ASIC is aware most financial firms will already be collecting more granular and detailed data about the complaints they receive.

“Final versions of the data dictionary and glossary may differ from the pilot versions if technical issues are identified during the pilot, however any such changes will be kept to a minimum.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.