Internal Dispute Resolution Procedure

The Australian Securities & Investments Commission, on 18 May 2009, issued a new Regulatory Guide 165 - Licensing: internal and external dispute resolution. This Regulatory Guide modifies the internal dispute resolution (DR) standards which Australian financial services licensees must comply with. Australian financial services licensees are now required to adopt an IDR procedure which complies with Australian Standard1,SO10002-2006 Customer Satisfaction - Guidelines for Complaints Handling in Organisation (AS ISO 10002-2006) which supersedes A54269-1995 Complaints Handling (A54269-1995). This is as a result of proposed amendments to regulation 7.6.02(1) and7.9.77(l) Corporations Regulations 2001, which took effect on 1 July 2009.

Existing licensees are required to adopt new IDR procedures by 1 January 2010. Wellington Capital has adopted an Internal Dispute Resolution in compliance with the Regulatory Guide, which can be downloaded by clicking here.