AFSLs exposed by ASIC IDR dashboard
The Australian Securities and Investments Commission (ASIC) has leveraged the internal dispute resolution data it collects to publish a complaints data dashboard giving consumers visibility on the good, the bad and the ugly of advice licensees.
The Internal Dispute Resolution data dashboard, is being described by ASIC as providing “unprecedented access to consumer complaints data”.
Financial Newswire test-drove the dashboard comparing licensees such as InterPrac and Count Limited and the results proved to be telling, delivering a significant contrast between the two businesses.
Launching the dashboard, ASIC Commissioner, Alan Kirkland pointed to the enhanced transparency it provides consumers by providing data on complaints volumes and trends.
He said the other key features of the dashboard include:
- an overview of complaints volumes and trends over specified reporting periods
- categorised breakdowns of complaints by issue and complaint outcome
- complaints resolution times for individual financial firms, and
- information about 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 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.”
Can we can one of these for all complaints sent to ASIC agaisn’t companies like Dixon and co and find out how many times they ignored them and then 10 years later they cannot claim they are doing their job.
Agreed, let’s shine some light on the 1% of complaints ASIC receives and does something about.
Also showing the 99% rate that ASIC fails to do their job.
Canberra politicians and bureaucrats love to point fingers far and wide and yet are never held to account themselves.
Jeez, sounds like another ‘transparency’ push that will backfire, like the school grading system. I read the dashboard as ‘how much money is this licensee likely to pay me if I lodge any claim I can think of?’. ASIC should keep such stuff for their reference only.
I read it the same way as there is no disincentive, cash or otherwise, for a complainant to not “have a go” with any fallacious claim
How about the same dashboard for industry super funds?
Even frivolous cliams that have no merit and that were dismissed by both courts and AFCA are still counted as a complaint.
What a complete waste of taxpayers money, not to mention the ASIC Levy Advisers paid. This is what happens when you have too many Public Servants sitting around bored. Next we’ll have an Oxygen register to count the number of exhales.
In my opinion, instead of ASIC doing their job, they spend time doing stuff like this.
(Has the current commissioner forgotten that he is no longer a consumer advocate?)
I believe it is time to gut ASIC and start again from scratch – they’ve completely lost the plot.