The deadline for financial services businesses to comply with RG 271 is less than a month away. By now, you should be in the final stages of implementing the necessary changes to comply with ASIC’s new regulations.
If you have found yourself slightly behind schedule and haven’t implemented the required changes yet, don’t worry, we’ve got you covered!
Read over our handy checklist to find out what you need to do, or make sure you have done everything you are required to.
1. Familiarise Yourself With The Changes
It is no use implementing changes when you don’t know what they are.
There are quite a few requirements brought about by RG 271 and financial services businesses are legally obliged to follow them.
For the full rundown of these changes, we recommend you download our eBook, ‘The Ultimate Guide To RG 271’.
2. Take A Look At Your Current IDR Processes
Identifying where your current internal dispute resolution process does not meet the requirements is essential to getting compliant.
For a tiny percentage of businesses, there is the possibility of simply upgrading your current system so it meets the new requirements. However, considering the substantial changes posed by RG 271, this is likely to take far too much time and resources to adequately meet the obligations before the October 5 deadline.
You may be thinking of building your own software to get compliant but this too poses similar issues. For more information, read our blog To Build or To Buy? What To Consider When Getting Compliant with RG 271.
3. Shop Around
This close to the deadline, it is advisable to go with a purpose-build compliant out of the box product to get your business RG 271 ready.
Have a look at what is on the market and book a demo to see which will be the best fit for you.
Ideally, the complaints solution you choose should have all of the required features built in, like systemic issue analysis, social media reporting, ASIC and IDR response templates and maximum timeframe alerts, to name a few.
Complaints Pro® has all of these and more.
Being a product built by Australians for the Australian market, our software experts have curated the solution to make complying with the appropriate requirements and regulations simple for businesses, so you know you will be 100% compliant with our product.
4. Get Compliant
This is the most important box to check before October 5 - get compliant.
With so few weeks before the deadline, it’s imperative that businesses get set up and ready for RG 271.
You don’t have time to hesitate - book a demo of Complaints Pro® today.
