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A timely reminder about the expanded definition of Complaint and maximum IDR timeframes: the ASIC Regulatory Guide: 271 Internal Dispute Resolution (IDR), replaced RG165 and took effect on 5 October 2021. It applies to complaints received by financial firms on or after 5 October 2021.

RG 271 contains an expanded definition of complaint – which is summarised in the table below.

Data table

In additional, there are new internal dispute resolution timeframes.

Data table

A downloadable summary of the process Equity Trustees applies to IDR is available here.