Prepare for IDR Reporting
Soon, from 1 January 2024 and on a regular six-month basis, financial firms (credit and Australian financial services licensees) will be required to report to ASIC details of their IDR complaints to ASIC. They’ll need to report even if they haven’t received any IDR complaints.
This is mandatory and ongoing obligation commences from 1 January 2024 and covers the preceding six-month period (1 July to 31 December 2023).
In addition to have the regtech platform capable to submitting the required data in the specified format, Licensees will need to be registered on the ASIC Regulatory Portal by 31 August 2023.
All IDR reports will need to be submitted to ASIC via the ASIC Regulatory Portal.
ASIC will send email reminders notifying Participants when the submission window opens.
Why you should care
- It’s a mandatory reporting requirement that’s at the heart of ASIC’s new data-driven regulatory approach.
- A failure to report, or even know about the obligation to report, may reflect poorly on the Licensee and the Licensee’s capacity.
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