Record and report complaint window

Question

Are Data Holders expected to record and report on complaints resolved within 5 days when this is not the current banking industry practice?

Answer

There has been some concerns raised with the ACCC recently regarding the current definition of ‘CDR complaint data’ under the rules and that the definition would require data holders to record consumer complaints beyond what is the current industry practice as specified in ASIC’s RG165. The ACCC understands the importance of flexibility in relation to the development of CDR recording and reporting processes, particularly during the early stages of the CDR’s implementation and with the RG 165 amendments being placed on hold as a result of COVID-19.

As such, we encourage data holders to record all CDR consumer complaints received and resolved, including those resolved within 5 business days. However, in recognising the need for flexibility in the early stages of implementation, we will only require data holders to record and report on complaints that go through their full internal dispute resolution processes. This means that we will not be requiring data holders to record or report on CDR consumer complaints resolved within 5 business days, at least for the first relevant reporting cycle (i.e. the reporting period covering 1 July-31 December 2020).