The Australian Financial Complaints Authority (AFCA) is required to have Rules governing its jurisdiction and processes. The AFCA Rules include:
The current AFCA Rules have now been approved by ASIC and are effective for all complaints lodged with AFCA from 1 November 2018. ASIC is required to approve material changes to the AFCA scheme under the Corporations Act, 2001.
To assist in understanding the AFCA Rules, and to further explain our complaint resolution processes, we have also developed Operational Guidelines. The Operational Guidelines provide information about how we will interpret and apply the Rules when we are dealing with complaints.
The Operational Guidelines is a living document that will continue to be updated as we deal with complaints and will be updated to take into account stakeholder feedback. They should be read in conjunction with the AFCA Rules.
In June 2018 AFCA consulted on the proposed Rules, and received 34 submissions from stakeholders in response. You can find out more about the consultation and read the submissions below.
Following the consultation, the proposed Rules were modified in response to the submissions and feedback received, before being submitted to ASIC for approval. Below is a summary of the consultation outcomes, including changes made to the Rules in response to submissions and feedback provided by stakeholders.
It is a mandatory legislative requirement that AFCA have an independent assessor. ASIC Regulatory Guide 267 provides guidance on the role and function of the independent assessor.
The independent assessor will operate pursuant to a Terms of Reference which are separate to the AFCA Rules. The independent assessor Terms of Reference have now been approved by ASIC.
The Australian Financial Complaints Authority (AFCA) will be required to have Rules governing its jurisdiction and processes. AFCA recently consulted on the proposed Rules. The deadline for submissions was 29 June 2018 and consultation has now closed.
34 submissions from stakeholders were received and are available below, except for confidential submissions. We thank all stakeholders who provided submissions and feedback on the Rules. We are considering all feedback provided prior to the Rules being finalised and submitted to ASIC for approval. We will provide a further update in August.
It is anticipated the Rules will be finalised and approved by ASIC by September 2018.