Tool offers firm-by-firm view of IDR complaints, including home loan issues
Australians can now view and compare consumer complaints data across individual financial firms after the Australian Securities and Investments Commission (ASIC) launched an interactive Internal Dispute Resolution (IDR) dashboard.
The dashboard allows users to compare complaints lodged with specific firms, including disputes linked to particular products such as home loans, credit cards, life and general insurance, and financial advice.
“Transparency is crucial to supporting a fair, strong, and efficient financial system,” said ASIC commissioner Alan Kirkland. “The launch of our new internal dispute resolution data dashboard marks a significant step in improving public scrutiny of the system.”
ASIC said the IDR dashboard is designed to show complaint volumes and trends across reporting periods, with breakdowns by issue type and outcome. It also includes firm-level information on how long complaints take to resolve and details of monetary remedies paid.
“Beyond providing for a comparison between individual firms, this dashboard provides a bird's-eye view of how the Australian financial sector handles complaints,” Kirkland (pictured right) said.
“This makes it easier to identify key trends, including the reasons complaints are lodged, increases or decreases in complaints handling times, and the sorts of products that attract the most complaints. This in turn allows us to flag emerging issues for industry attention before they become serious problems.”
ASIC added that the dashboard includes guidance on navigating the tool, interpreting the figures, definitions of key terms, and an explanation of the methodology used to compile the data.
The regulator said the IDR publication is intended to sit alongside the Australian Financial Complaints Authority’s external dispute resolution reporting, offering a broader view of how financial disputes move through the system.
ASIC also noted that it launched a separate Reportable Situations dashboard in October, which provides detailed information on self-reported breaches from financial services and credit licensees.
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