[ARCHIVE] External Dispute Resolution for Accreditation

Note: This article is out of date and has been archived.

Please refer to the Accreditation guidelines for the most up to date information.

Archived Text

Question

As per the CDR rules, a person who is accredited at the unrestricted level must: 'be a member of a recognised external dispute resolution scheme in relation to consumer complaints;' 
and Rule 6.1 says: 
'Data holders are required to be a member of a recognised external dispute resolution scheme in relation to CDR consumer complaints. Accredited data recipients are also required to be a member of the scheme under the accreditation rules. For the banking sector, the ACCC intends to recognise AFCA.' 

Is a company that provides digital identity verification for AML/KYC purposes, based on CDR data, required to be a member of AFCA?

Answer

That’s correct – the CDR Rules require that all data holders and accredited data recipients be a member of a recognised external dispute resolution scheme in relation to CDR consumer complaints [sub-r 5.12(1) and r 6.2]. The Australian Financial Complaints Authority is the only external dispute resolution scheme recognised by the ACCC for banking CDR data: see Competition and Consumer (External Dispute Resolution Scheme–Banking Sector) Instrument 2019.