Document ID: chunk:federal_register_of_legislation:F2024C01258:clause:3_3:p5
Version: federal_register_of_legislation:F2024C01258
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 5/6)
Character Range: 399582–402764

on the account; and
 (iii) product specific data in relation to a product relating to any such account.
Note: As a result, such CDR data would be voluntary consumer data.

Part 5—Dispute resolution―banking sector
Note: See the definitions of "meet the internal dispute resolution requirements" and "meet the external dispute resolution requirements" in subrule 1.7(1) of these rules.  See also paragraphs 5.12(b) and (c) of these rules, and rules 6.1 and 6.2.

5.1  Meeting internal dispute resolution requirements―banking sector
 (1) For the banking sector, a CDR participant meets the internal dispute resolution requirements if its internal dispute resolution processes comply with provisions of Regulatory Guide 271 that deal with the following:
 (a) standards that its internal dispute resolution procedures or processes must meet regarding the following:
 (i) commitment and culture;
 (ii) the enabling of complaints;
 (iii) resourcing;
 (iv) responsiveness;
 (v) objectivity and fairness;
 (vi) policy and procedures;
 (vii) data collection, analysis and internal reporting;
 (viii) continuous improvement;
 (b) outsourcing internal dispute resolution processes;
 (c) acknowledgement of complaint;
 (d) what an internal dispute resolution response must contain;
 (e) maximum timeframes for an internal dispute resolution response;
 (f) internal dispute resolution response requirements for multi‑tier internal dispute resolution processes;
 (g) the role of customer advocates;
 (h) establishing links between internal dispute resolution processes and external dispute resolution;
 (i) systemic issues.
 (2) In this clause:
Regulatory Guide 271 means Regulatory Guide 271 published by the Australian Securities & Investments Commission, as in force from time to time and applied as if:
 (a) references to complaints were references to CDR consumer complaints; and
 (b) references to financial firms and financial service providers were references to CDR participants.
Note: Regulatory Guide 271 could in 2023 be accessed from the Australian Securities & Investments Commission's website (https://asic.gov.au).

5.2  Meeting external dispute resolution requirements―banking sector
  For the banking sector, an accredited person or data holder meets the external dispute resolution requirements if it is a member of the recognised external dispute resolution scheme operated by the Australian Financial Complaints Authority Limited for the banking sector.

Part 6—Staged application of these rules to the banking sector

Division 6.1—Preliminary

6.1  Interpretation
  In this Part:
commencement table has the meaning given by clause 6.6.
Phase 1 means phase 1 product.
Phase 2 means phase 2 product.

6.2  Meaning of initial data holder, accredited ADI, any other relevant ADI and accredited non‑ADI
  For this Part, a term listed in column 1 of the table has the meaning given by column 2.

Meaning of initial data holder, accredited ADI, any other relevant ADI and accredited non‑ADI
                                                                                               Column 1                                                                                Column 2