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Elements and Performance Criteria

1. Establish that dispute exists
   • Identify all information relating to original problem and clarify grounds for dispute
   • Contact all parties to identify and clarify disputed issues and confirm that customer has a legitimate dispute, or that initial complaint has not already been settled to customer’s satisfaction
   • Ensure that organisational operating procedures have been followed and all information relevant to dispute resolution process is provided to customer
   • Obtain additional information from relevant parties as required and manage information exchange appropriately
   • Inform customer of organisation’s obligations, procedures and timeframes where existence of genuine dispute is established
2. Investigate dispute and determine action to be taken
   • Collect all information from prior dealings with customer and undertake further investigations if necessary
   • Inform customer of progress and advise of any delays
   • Determine resolution action with consideration of facts, legislation, organisational policy and procedures and industry codes of practice, and inform appropriate personnel of action to be taken
3. Negotiate and resolve dispute
   • Inform customer of decision, including reasons if appropriate, and negotiate with claimant or representative if required
   • Resolve dispute effectively and in a timely manner, aiming to reduce need for litigation or formal conciliation services
   • Respect rights of customer in all dispute settlement procedures and refer any unresolved disputes to formal conciliation services
4. Finalise dispute
   • Record dispute resolution process outcomes and advise all parties affected by the decision clearly and promptly on the outcome and their rights to review of the decision
   • Prepare relevant documentation for unresolved disputes which have been referred to formal conciliation services according to legislation, regulations and codes of practice
   • Act on decisions of external dispute resolution as required
   • Complete all documentation in accordance with legislation and organisational procedures

Performance Evidence

Evidence of the ability to:

identify, investigate and obtain all relevant information relating to the dispute

apply dispute resolution and negotiation techniques effectively

settle disputes in the financial services industry in line with organisational policy and procedures, and relevant industry and legislative requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline the possible grounds for dispute

explain current industry compliance requirements and dispute settling procedures and requirements

describe current organisational policy and procedures

identify and explain key requirements of legislation relevant to dispute resolution

explain effective negotiation principles and dispute resolution practices

outline the role and process for referring disputes to formal conciliation.

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