By: Claudine Salameh and Tamsyn Sharpe
ASIC has recently published its findings following an investigation into the insurance industry’s level of compliance with internal dispute resolution (IDR) obligations. Report 802 Cause for complaint: Complaints handling in general insurance revealed that general insurers are consistently falling short of their legal obligations thereby limiting customers’ ability to access fair, timely and effective IDR processes.
Read MoreBy: Claudine Salameh and Tamsyn Sharpe
Financial firms are required to maintain clear internal dispute resolution (IDR) processes to allow customers to seek redress where they are dissatisfied with the firm’s products or services. Access to fair, timely and effective IDR is an important tenet of consumer protection. Financial firms are required to acknowledge the receipt of a customer’s complaint within 24 hours and resolve standard complaints within 30 days.
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