The deadline to meet the RG 271 compliance requirements is less than two short months away.
For financial services businesses, meeting these obligations is crucial to ensuring that you are not penalised by the Australian Securities and Investment Council (ASIC).
However, taking the time to actually implement these changes to the internal dispute resolution process within your organisation can be quite challenging, particularly with various other business needs and compliance obligations that need to be addressed.
You may have been considering building or updating your own complaints process that meets RG 271’s criterias, but unfortunately, there isn’t time left for that.
With an out of the box compliant solution like Complaints Pro®, you will have your RG 271 compliance needs met by the deadline. Here’s how:
In-Built Systemic Issue Management
ASIC defines a systemic issue as ‘a matter that affects, or has the potential to affect, more than one consumer’ and finance businesses need to have processes in place to identify and resolve these.
Complaints Pro® features root cause analysis and systemic issue management within the system, meaning that any systemic issues can be found, analysed and fixed as soon as they are identified.
Not only will this satisfy your RG 271 requirements, it will also help to improve your business and your customers’ experiences.
Timeframe Reminder Alerts
Under RG 271’s new regulations, there are now shorter maximum timeframes, meaning businesses will need to resolve complaints quicker than ever.
Of course, it can be difficult to adjust to this and time can slip away from any of us.
To ensure you aren’t leaving your complaints for too long and breaching the requirements, Complaints Pro® comes built in with SLA reminders to alert you to the complaints that are slipping.
IDR Notification Templates
Another RG 271 obligation is to provide written IDR responses.
These are to be provided to the complainant with enough information for them to understand the final outcome, reasons for the decision and outline their right to escalate the matter to AFCA.
To assist with meeting this requirement, we have built into our software both ASIC IDR response and delay notification templates and ASIC mandatory reporting with automatic extraction into ASIC upload ready CSV.
Need To Get RG 271 Compliant?
These are just a few of the features that Complaints Pro® has to offer for not only your RG 271 compliance requirements but also improvement of your customer complaints processes, and therefore business, in general.
To learn more, book a demo with our expert team who will take you through the software and how it can improve your business.
Alternatively, contact us today for more information!
