Small Australian banks could choose to send complaints-handling data to ASIC once a year instead of every six months under a consultation opened on October 16.
The regulator proposes remaking its internal dispute resolution data-reporting instrument for five years before the current instrument expires on April 1, 2027. Most of its effect would remain unchanged.
ASIC is also asking whether annual reporting should extend to all reporting firms. That broader approach, if adopted, would be mandatory rather than optional, to keep firms’ data comparable.
The trade-off is explicit: less frequent submissions could reduce compliance costs, but would leave the regulator’s published complaints dashboard less current.
Other proposed amendments would clarify that closed complaints include those withdrawn, discontinued or referred to another licensee, and simplify existing definitions and transitional provisions.
These are proposed reporting changes, not permission for banks to delay answering individual complaints. Submissions close at 5pm AEDT on November 13; ASIC has not made a final instrument.
