Time is ticking to get compliant with ASIC’s RG 271.
By October 5th 2021, Australian financial services organisations will have to ensure that their customer complaint processes are abiding by RG 271. For many, this means that their systems and processes will need a significant upgrade.
There are two options to get compliant with the new regulation:
- Build custom complaints system , either from scratch or upgrade the system you already use; or
- Buy a purpose built, RG 271 compliant off-the-shelf solution like Complaints Pro®.
In this article we’ll explore what you need to think about for each option. Considering that October 5 2021 is getting closer, you won’t want to waste any time choosing what path you’ll take...
Building A Complaints Management Software
If you are thinking of embarking on the journey to build your own software, there are two ways to do so.
You can choose to build the software from scratch or to tweak your existing system to comply with the new requirements, but there are things that you need to think about with both options.
Starting From Scratch
Building your own custom customer complaints system is a big endeavour, but if done correctly, could pay off.
Every financial services business knows the importance of customer complaints and complying with the new RG 271 rules, so having your own unique solution tailored to your needs can be hugely beneficial.
However, there are often more pressing things for your IT team to get done. As a result, this kind of work is pushed to the bottom of their list in favour of tasks that need to take priority.
It is this dilemma that calls into question another potential problem for financial services companies; resourcing. Depending on the size of your business, you may not have enough staff to complete the work by the deadline.
For larger companies, there might be plenty of staff on board but also a lot more to manage.
Considering the other priorities IT teams have on their plate, as well as the need to update the system as it goes along, creating a software from scratch can be a lengthy and tedious process that may not be completed by October 5… putting you in breach of compliance.
Updating Existing Systems
If you already have a complaints system in place, chances are that it isn’t up to par with RG 271.
Upgrading it does seem like a good idea; everyone already knows how to use it and it’s worked so far. However… upgrading the system you have in place can be a little like trying to prepare a 4WD for the racetrack.
Often, financial services companies work off spreadsheets to manage the complaints they receive but this won’t be enough to meet the requirements of RG 271.
The new obligations for complaints management in the financial services industry is a mile long. Considering the pressing time factor, using a complaints system that is not purpose built to fit with the new requirements of RG 271 is a sure way to be in breach of compliance down the track.
If you choose to tweak your existing complaints system, you will also face the same problems of building it from scratch. You will need:
- the appropriate resources and staff to update your system;
- to ensure that you still have enough people to manage the business’s usual operations; and
- do it all within a few short months.
While building your own system or updating may seem like a good idea, in reality it will put a whole lot of pressure on your business.
Fortunately, there is another option available for financial services to get compliant with RG 271...
Buying A Purpose Built Complaints Management Solution
With a purpose built complaint management system like Complaints Pro®, you can rest assured that you have an effective and compliant complaints solution… all installed and ready to use in just 45 days!
Our industry-specific financial services pack has all of the features that you need to handle complaints, feedback and compliance.
As for RG 271’s requirements, we have everything in-built to get you compliant. Some of the features include:
- ASIC IDR response and delay notification templates
- ASIC mandatory reporting with automatic extraction into ASIC upload ready CSV.
- Compliance to all SLA's with reminders alerting you to the complaints that are slipping before you’re in breach.
- Manage systemic issues and root cause analysis.
- Create emails and letter templates and manage final IDR responses from draft to final submission.
As Complaints Pro® is designed and developed in Australia, we are completely across everything that is required from you to keep compliant.
The software is stand-alone or can be installed into your existing Salesforce CRM. This makes installation simple, taking the pressure off you.
As the deadline looms to get compliant with RG 271, there is no time to waste in choosing what route to go down. Our compliant out-of-the-box solution is purpose built, ready to install and is the smart choice for financial services businesses.
To find out how Complaints Pro® can improve your business, Book A Demo or Contact Us today!
