All Australian financial services licensees with a retail authorisation, Australian credit licensees and certain unlicensed entities and superannuation trustees (eligible entities) are required to report IDR data to ASIC by 29 February 2024 at 11:59 PM.
Eligible entities must submit their IDR data covering the period 1 July to 31 December 2023.
As reported in a previous Global Investment Law Watch blog post, ASIC has introduced an IDR reporting framework, requiring eligible entities to report on the status of each client complaint for the reporting periods 1 January to 30 June, and 1 July to 31 December. Entities have a two month submission window following each reporting period.
Where eligible entities have not faced any client complaints during a reporting period, they must nevertheless submit a "nil submission" to ASIC.
In cases of parent companies with multiple subsidiaries who are eligible entities, consolidated IDR reports are not permitted. Each subsidiary is required to submit an individual report for each reporting period.
Eligible entities which fail to submit an IDR report will be in breach of the ASIC IDR reporting requirements and may be liable to penalties.
Further information concerning the IDR reporting regime is available in the IDR data reporting handbook.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
