Complaints Management - RG271


What is a complaint?

A complaint is any expression of dissatisfaction made to or about an organisation, related to its products, services, staff or the handling of a complaint, where a response or resolution is explicitly or implicitly expected or legally required. 

The key is that a complaint is triggered by dissatisfaction and a response is expected. 

Complaints can be made verbally or in writing via a number of channels including phone, email, mail, in person or on your business social media accounts (where the complainant is identifiable and contactable). If a customer requires accessibility assistance (including language and translations), they can contact the complaints team to assist. 

What to do if you receive a complaint?

If you receive a complaint verbally - obtain as much information as possible from the customer in relation to the complaint and assure the customer that complaints are taken seriously and it will be investigated further. 

If you receive a complaint in writing - acknowledge the complaint within 24 hours to ensure the customer is aware that you have received the complaint and are looking into it further. You can use the ‘Complaint Acknowledgement Template’ in the Important Documents section in MyCRM as a guide or create your own acknowledgement. 

Regardless of whether the complaint has been received verbally or in writing, it will need to be recorded using the Complaint/Situation form in the Resources tab in MyCRM to notify the Loan Market Complaints team. You should also inform your State Director or Broker Success Manager as they may be able to assist in resolving the complaint within 5 days. 

Note: complaints will need to be recorded even if they have been resolved on the spot to ensure accurate records are kept that can be made available to ASIC. 

By when does the complaint need to be resolved?

Acknowledge: within 24 hours

Resolve: within 30 business days

If you have not been able to resolve a complaint within 5 days, the complaint must be escalated to the Loan Market Complaints team. This leaves the team 25 days to resolve the complaint.


If you need more information you can contact compliance@loanmarket.com.au