Mortgage brokers now have a powerful new tool to benchmark lender partners and support client conversations, with ASIC launching an interactive Internal Dispute Resolution (IDR) data dashboard covering complaints across home loans, credit cards, insurance, and advice.
For the first time, brokers and consumers can see how individual banks and other financial institutions respond to issues raised about specific products, including mortgage rates and home loan features affecting first-home buyers and property investors.
The dashboard reveals complaint volumes, resolution times, and monetary remedies paid, providing a clearer view of how different firms respond when things go wrong.
ASIC commissioner Alan Kirkland (pictured) said the dashboard is designed to lift scrutiny of how the sector deals with complaints.
“Transparency is crucial to supporting a fair, strong, and efficient financial system. The launch of our new internal dispute resolution data dashboard marks a significant step in improving public scrutiny of the system,” Kirkland said in a media release.
Users can explore complaint data by issue type, outcome, and reporting period, as well as compare resolution times across firms. That means brokers can see which lenders are attracting the most home loan‑related disputes and how quickly they are resolving them – information that may prove valuable when assessing product panels, referring clients, or managing aggregator relationships.
Kirkland said the tool also gives ASIC a “bird's-eye view of how the Australian financial sector handles complaints,” making it easier to identify trends such as rising complaint volumes or worsening handling times before they become systemic problems.
Accountability lift for lenders and licensees
ASIC emphasised that the public dashboard is intended to do more than inform consumers. The IDR regime requires certain financial firms to report all complaints they receive; and publishing this firm‑level data is meant to “enhance the accountability and transparency of financial services complaints handling” and encourage better behaviour.
The new IDR dashboard sits alongside the Australian Financial Complaints Authority’s external dispute resolution data and ASIC’s recently launched Reportable Situations dashboard, building a more complete picture of how financial firms respond when customers raise concerns.
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