Thursday, May 30, 2019 - Posted by Michael McCulloch
It is now being widely reported across several media sites, including Money | Management
, that the Australian Securities and Investments Commission (ASIC) has issued a discussion document to Financial Service Providers (FSPs) regarding complaints made via social media platforms such as Twitter and Facebook.
It is a move that appears to recognise that there are other channels for complaints to be made meaning that even a single tweet on Twitter could require the IDR process to be applied and legally acted on. ASIC Deputy Chair Karen Chester said in a statement to itnews.com.au
, "It is widely acknowledged there is room for much improvement when it comes to handling consumer complaints in our financial system. Consumers expect and need a fair, timely and effective way to have their complaints dealt with, and to be provided redress where appropriate. The absence of such effective redress, and the failure of firms to identify and look into systemic complaints, were key findings of the FSRC and the Prudential Inquiry into the CBA.
The discussion paper, which can be downloaded here
, asks contributors several questions including what constitutes a complaint, are complaints made via social media channels dealt with under IDR processes and is the treatment of a complaint handled differently if the complainant is made via an external platform and not the FSPs own social media platform.
ASIC have have indicated that it plans to release the revised regulatory guide by December 2019.