Small banks could report complaints data once a year, not twice
ASIC wants to change how often small banks report their internal dispute resolution (IDR) data. Under a proposal now out for consultation, banks in the lowest tier of APRA’s banking prudential framework would move to annual IDR data reporting instead of reporting every six months.
The current instrument, ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205, is due to expire on 1 April 2027. ASIC proposes to remake it for five years, and the annual option for small banks is the only substantive change.
Everyone else keeps reporting twice a year
Other firms would carry on as they do now. The instrument requires financial services licensees to report IDR information to ASIC every six months, in the format set out in the IDR data reporting handbook. The law also requires certain other firms, including credit licensees, to report as if they were financial services licensees.
A change that has already started in practice
The proposal formalises a commitment from the Council of Financial Regulators’ review of small and medium-sized banks, published in 2025. In September 2025, ASIC issued a no-action position that let eligible small banks move to annual IDR data reporting straight away, until the remade instrument is in place.
Have your say on IDR data reporting by 13 November
ASIC also wants to know whether the annual option should be extended to all reporting firms. Its consultation paper, CS 65, notes that annual reporting for all firms would reduce how current the IDR data on ASIC’s public dashboard is.
Feedback can be sent to rri.consultation@asic.gov.au by 5pm AEDT on 13 November 2026.
Related: ASIC wants feedback on digital asset platform rules by 27 November
General information only, not legal advice. Check the official source before acting.
Source: ASIC. Licence: CC BY 4.0.
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