Page 8 - Australasian Paint & Panel magazine May-June 2022

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NEWS
10 PM OPENS VACC HOUSE • 12 IAG QUALITY REPORT • 14 WORLDSKILLS
PAINT&PANEL MAY / JUNE 2022 WWW.PAINTANDPANEL.COM.AU
IDR SYSTEM BEEFED UP
PDATED STANDARDS AND RE-
quirements for Internal Dis-
pute Resolutions (IDRs) will assist financial firms to iden- and address systemic issues that arise from complaints,” said ASIC
deputy chair Karen Chester.
VACC has welcomed ASIC’s final man-
datory requirements for the IDR data re- porting framework. The framework will be introduced first through 11 large fi- nancial firms that will be required to re- port IDR data to the corporate regulator and by 31 August 2023 a further 10,500 financial firms (of which 93 are general insurers) will then join the ASIC frame- work and be required to report IDR data.
Since 5 October 2021, financial firms that provide a financial service have been required to record all complaints received and must have an effective sys- tem for recording information about complaints. On 19 July 2021 ASIC an- nounced the IDR reporting pilot. Since
then, ASIC has issued a handbook pro- viding guidance for IDR reporting.
Repairers dealing with insurers, inter- mediatory vehicle lease brokers or credit fi- nance institutions are anywhere from small to large motor repairer and dealer businesses, who over time, have been placed under a glass ceiling. For repairers this glass ceiling relates to preferred repair- er schemes, restricting consumer choice of repairer policies, dictating incorrect repair methods, quoting methods, repairer war- ranties, parts used for vehicle repairs, with
the most concerning being dispute resolu- tion opportunities and objectivity among the insurer’s Internal Dispute Resolution (IDR) processes and fairness principles.
By identifying the reoccurring com- plaints, ASIC will soon receive lodged com- plaints against insurers and thousands of other financial firms that members liaise with, then ASIC can go some way to ques- tion the status quo and the broad obliga- tions that these companies are expected to uphold in order to keep their Australian Fi- nancial Services license.
U
tify
F-150 HEADING DOWN UNDER
FORD AUSTRALIA HAS ANNOUNCED THE
aluminium-bodied F-150 will arrive in Australia by mid-2023, through a right- hand drive, local remanufacturing pro- gram with RMA Automotive Holdings.
Ford Australia says customers have also been vocal about their desire to see F-150 in local dealerships.
Remanufacturing of the vehicles from left-hand drive to right-hand drive will take place in an RMA Automotive-leased facility at the Merrifield Business Park in Mickleham, north of Melbourne.