Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.6.02

Alternative dispute resolution systems

             (1)  For subparagraph 912A(2)(a)(i) of the Act, ASIC must take the following matters into account when considering whether to make or approve standards or requirements relating to internal dispute resolution:

                     (a)  Australian Standard AS ISO 10002-2006 Customer satisfaction--Guidelines for complaints handling in organizations (ISO 10002:2004 MOD) published by SAI Global Limited on 5 April 2006;

                     (b)  any other matter ASIC considers relevant.

             (2)  ASIC may:

                     (a)  vary or revoke a standard or requirement that it has made in relation to an internal dispute resolution procedure; and

                     (b)  vary or revoke the operation of a standard or requirement that it has approved in its application to an internal dispute resolution procedure.

             (3)  For subparagraph 912A(2)(b)(i) of the Act, ASIC must take the following matters into account when considering whether to approve an external dispute resolution scheme:

                     (a)  the accessibility of the dispute resolution scheme;

                     (b)  the independence of the dispute resolution scheme;

                     (c)  the fairness of the dispute resolution scheme;

                     (d)  the accountability of the dispute resolution scheme;

                     (e)  the efficiency of the dispute resolution scheme;

                      (f)  the effectiveness of the dispute resolution scheme;

                     (g)  any other matter ASIC considers relevant.

             (4)  ASIC may:

                     (a)  specify a period for which an approval of an external dispute resolution scheme is in force; and

                     (b)  make an approval of an external dispute resolution scheme subject to conditions specified in the approval, including conditions relating to the conduct of an independent review of the operation of the scheme; and

                     (c)  vary or revoke:

                              (i)  an approval of an external dispute resolution scheme; or

                             (ii)  the specification of a period for which an approval is in force; or

                            (iii)  a condition to which an approval of an external dispute resolution scheme is subject.

             (5)  For paragraph 926B(1)(a) of the Act, a financial services licensee who provides a financial service in the capacity of any of the following:

                     (a)  a trustee appointed under the will or on the intestacy of a person;

                     (b)  a trustee appointed under an express trust if:

                              (i)  the settlor is a natural person; and

                             (ii)  the interest in the trust is not a financial product;

                     (c)  an attorney appointed under an enduring power of attorney;

does not have to comply with paragraph 912A(2)(b) of the Act in relation to the provision of the service if complaints about the service provided by the licensee may be made to the Ombudsman of a State or Territory.

             (6)  For paragraph 926B(1)(a) of the Act, a financial services licensee who provides a financial service in the capacity as administrator of the estate of an individual does not have to comply with paragraph 912A(1)(g) of the Act in relation to the provision of the service if complaints about the service provided by the licensee may be made under a State or Territory law listed in Schedule 8AC.



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