10Obligations of licensees—alternative dispute resolution systems

#### 10 Obligations of licensees—alternative dispute resolution systems (1) For subparagraph 47(1)(h)(i) of the Act, ASIC must take the following matters into account when considering whether to make or approve standards or requirements relating to internal dispute resolution: (a) Australian/New Zealand Standard AS/NZS 10002:2014 Guidelines for complaint management in organizations published jointly by, or on behalf of, Standards Australia and Standards New Zealand, as in force or existing on 29 October 2014; (b) any other matter ASIC considers relevant. (2) ASIC may: (a) vary or revoke a standard or requirement that it has made in relation to an internal dispute resolution procedure; and (b) vary or revoke the operation of a standard or requirement that it has approved in its application to an internal dispute resolution procedure. (5) For the purposes of paragraph 110(1)(a) of the Act, a licensee who engages in credit activities in the capacity of any of the following: (a) a trustee appointed under the will or on the intestacy of a person; (b) a trustee appointed under an express trust if: (i) the settlor is an individual; and (ii) the interest in the trust is not a credit contract; (c) an attorney appointed under an enduring power of attorney; is exempt from the requirements in paragraph 47(1)(i) of the Act in relation to the credit activities if complaints about the credit provided by the licensee may be made to the Ombudsman of a State or Territory.