"There are so many oversight bodies in financial advice now I can barely remember them all," admitted the senator, who said the Better Advice Bill would streamline the industry and be the first step in making life easier for advisers. Shortly after, ASIC chair Joe Longo revealed a new advice hub is being developed for the regulator's website.
“This explains why it tried to bury its release it late on Friday,” Jones said.
“Scott Morrison and Josh Frydenberg have rejected the Hayne Royal Commission recommendation to set up a bona fide scheme.
“It also excludes court determinations from the scheme, going against Commissioner Hayne’s specific advice in his final report.
“Scott Morrison and Josh Frydenberg have missed every deadline they set themselves since they commissioned the Ramsey Review in 2017 to address the broken dispute resolution system for the financial sector.”
Jones said the Government had consistently watered-down Commissioner Hayne’s recommendations.
“This includes moving to undermine the Commissioner’s very first recommendation, to keep in place responsible lending obligations on banks,” Jones said.
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:
ASIC Publishes Internal Dispute Resolution Data Dictionary And Glossary Ahead Of Pilot Date
19/07/2021
ASIC has released internal dispute resolution (IDR) reporting documents, which will be tested in a pilot involving financial firms from across relevant industry subsectors in late 2021.
This release represents the next step in preparedness for ASIC’s implementation of the Government’s mandatory IDR data reporting framework, which came out of the Ramsay Review of the financial system dispute resolution framework. 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.