ASIC Corporations and Credit (Internal Dispute Resolution—Transitional) Instrument 2019/965

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 24 September 2019

Grant Moodie

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Approval

5 Standards and requirements

Part 3—Application

6 Transitional

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations and Credit (Internal Dispute Resolution—Transitional) Instrument 2019/965.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under:

(a) subsection 11(4) of the Australian Securities and Investments Commission Act 2001 for the purposes of subparagraphs 912A(2)(a)(i) and 1017G(2)(a)(i) of the Corporations Act 2001; and

(b) subsection 12A(6) of the Australian Securities and Investments Commission Act 2001 for the purposes of:

(i) subparagraph 47(1)(h)(i) of the National Consumer Credit Protection Act 2009;

(ii) subparagraph 47(1)(e)(i) of the National Consumer Credit Protection Act 2009 as notionally inserted by regulation 25E and Schedule 2 to the National Consumer Credit Protection Regulations 2010.

4 Definitions

In this instrument:

AFCA scheme means the external dispute resolution scheme for which an authorisation under Part 7.10A of the Corporations Act 2001 is in force.

AS ISO 10002—2006 means Australian Standard AS ISO 10002—2006 known as Customer Satisfaction—Guidelines for complaints handling in organizations published by Standards Australia as in force as at 5 April 2006.

unlicensed carried over instrument lender has the meaning given by subsection 5(1) of the National Consumer Credit Protection Act 2009 as notionally inserted by regulation 25E and Schedule 2 to the National Consumer Credit Protection Regulations 2010.

Part 2—Approval

5 Standards and requirements

ASIC approves the following standards and requirements in relation to an internal dispute resolution procedure:

(a) the procedure covers a “complaint” as defined in AS ISO 10002—2006;

(b) the “Guiding principles” in section 4 of AS ISO 10002—2006;

(c) the following sections of AS ISO 10002—2006:

(i) section 5.1—Commitment;

(ii) section 6.4—Resources;

(iii) section 8.1—Collection of Information;

(iv) section 8.2—Analysis and evaluation of complaints;

(d) except in relation to an unlicensed carried over instrument lender—the procedure must include adequate measures for informing complainants about the availability and accessibility of the AFCA scheme;

(e) if an unlicensed carried over instrument lender is a member of the AFCA scheme—the procedure must include adequate measures for informing complainants about the availability and accessibility of the scheme.

Part 3—Application

6 Transitional

This instrument applies until 30 June 2020.