IDR compliance assurance reviews
Background
Australian financial services and credit licensees must have internal dispute resolution (IDR) procedures that comply with ASIC standards and requirements, and must report information on complaints to ASIC in accordance with reporting standards set by ASIC.
Failure to comply with these IDR requirements could have serious consequences, including civil penalties or licence conditions imposed by ASIC.
Our compliance review services
Dwyer Harris can provide a compliance assurance review to assess the IDR procedures of a licensee and provide a report to the licensee on compliance with ASIC’s requirements.
As a law firm, our review can be conducted for the purposes of providing legal advice, which means that the findings in our report and inquiries made in the process of the review may be protected by legal professional privilege.
Review packages
The scope of work involved is agreed with the client on a case-by-case basis, but our standard offering includes 3 levels of review: Basic, In-depth and Comprehensive. The inclusions in each level of review are set out in the table below.
Generally most of the work can be done remotely, but we are able to visit on site if needed.
Cost and timing
The cost for the compliance review will depend in part on the number of documents to be reviewed and the extent of sampling required by the client.
Once these are agreed upon, we can provide a fixed price for the work.
As a guide, a compliance review of this kind would usually cost in the range of $6,000 plus GST for a Basic review up to $15,000 plus GST for a Comprehensive review.
The time to complete the review from when instructions to proceed are given will typically be around 4 to 6 weeks.
About us
Dwyer Harris is a law firm that specialises in regulatory compliance for the financial services sector. We are experienced in conducting compliance assurance reviews for many clients on a range of regulatory matters, including Australian financial services and credit licensee obligations, privacy, and AML/CTF. Our lawyers have also worked on regulator investigations and enforcement actions.
Other services
Dwyer Harris can also provide ancillary services in addition to a compliance assurance review, such as refresher training for staff on IDR, as well as legal advice on particular issues identified in a review and reporting of any breaches.
Next steps
If you are interested in having us perform a compliance assurance review of your organisation’s IDR procedures, please contact us and we can discuss the scope further and provide a quote for the work. Please call Patrick Dwyer on 0406 404 892 or Kathleen Harris on 0400 133 775.
January 2023
