Regulatory Guide 277
Consumer Remediation

RG 277 sets out ASIC’s expectations on how businesses should identify, investigate, and remediate customers. RG 277 applies to all businesses that hold an Australian financial services licence or Australian credit licence.

Businesses Need to Keep in Mind About Regulatory Guide 277

1. Be proactive in identifying and remediating misconduct. This means having systems in place to monitor your activities and identify any potential problems, as well as having a plan in place for how you will deal with customer complaints.
2. Be fair and reasonable when remediating customers. This means considering the individual circumstances of each customer and the nature of the harm that they have suffered, and being open to providing a range of remediation options.
3. Be transparent with customers about the remediation process. This means explaining to customers what they are entitled to and how they can make a claim, as well as keeping them informed of the progress of their claim.
4. Act quickly to identify and remediate misconduct. The longer it takes to remediate a customer, the more likely it is that they will suffer harm.
5. Keep records of all customer complaints and remediation activities. This information will help you to demonstrate that you are complying with RG 277.

Contact CRC today if you need support complying with Regulatory Guide 277. We can help you to develop and implement a customer remediation policy and procedures, review your existing systems and processes.