ASIC said: “IDR data reporting is intended to improve transparency in the IDR system, assist consumer decision making and allows firms to benchmark themselves against their peers. It is also intended to assist ASIC in identifying emerging issues.
“The pilot versions of the data dictionary and data glossary have been developed and substantially simplified through two rounds of public consultation.
“The documents are designed to align as closely as possible with the reporting approach of the Australian Financial Complaints Authority so as to develop an end-to-end picture of financial system complaints.
“Key changes made in response to consultation include to: