The Australian Securities & Investments Commission (ASIC) is consulting on a proposal to renew for five years the legislative instrument governing the internal dispute resolution (IDR) information that financial firms report to ASIC. The only proposed substantive change would allow banks in the lowest tier of the Australian Prudential Regulation Authority’s prudential framework to submit IDR data annually rather than every six months. The change would formalize a commitment from the Council of Financial Regulators’ 2025 review of small and medium-sized banks. Eligible small banks have been able to use annual reporting under an ASIC no-action position since September 2025. ASIC is also seeking views on whether annual reporting should be extended to all firms covered by the instrument, which includes financial services licensees and certain other entities such as credit licensees.
Australian Securities & Investments Commission consults on five-year renewal of dispute reporting rules with annual reporting for small banks
The Australian Securities & Investments Commission is consulting on a five-year renewal of its internal dispute resolution data reporting instrument. The proposal would formalize annual rather than six-monthly reporting for eligible small banks, while seeking views on extending the reduced frequency to all reporting firms.