Licensees should repay customers for wrongdoing over seven years old and for payments less than $20: ASIC

By Ann Wen · 4 December 2020 · Featured

Licensees should repay customers for wrongdoing over seven years old and for payments less than $20: ASIC

ASIC's Shock Move: Licensees Face New Repayment Rules

Get ready for a major shake-up in the industry as ASIC proposes a significant change to the way licensees handle customer complaints. Find out what this means for you and your wallet.

Read the full article →

Summary

ASIC has released guidance on repaying wrongly charged customers, proposing that the seven-year minimum time frame to start consumer remediation and $20 compensation limit be removed. Yesterday ASIC released a consultation paper noting that licensees should "apply best endeavours" to find and pay consumers, listing a raft of guidance on remediation and repayment. Announcing the […]