Banks and financial services firms will need to maintain a dashboard on Reportable Situations and Internal Dispute Resolution data – as soon as the second half of 2025.
The proposed dashboard would be published and maintained by ASIC and populated by the IDR and RS data that financial services and credit licensees are obligated to report to ASIC.
The proposals detailed by ASIC yesterday build on the high-level insight reports ASIC has previously published.
ASIC Commissioner Alan Kirkland said “the publication of the dashboards would boost transparency, drive improved performance, and help deliver better consumer outcomes, the latter being one of ASIC’s key strategic priorities.
“Publishing Reportable Situations and Internal Dispute Resolution data will encourage firms to lift their game.
“It also provides consumers and investors access to this data at firm level, further encouraging confident and informed participation in the financial system”
Kirkland said.