Codes of practice set standards of good industry practice for financial firms when dealing with people who are, or who may become, individual or small business customers in areas relating to:
The Code Compliance and Monitoring Team (Code Team) is a separately operated and funded business unit of the Australian Financial Complaints Authority (AFCA).
We support independent committees to monitor compliance with codes of practice in the Australian financial services industry to achieve service standards people can trust.
Our aim is to support financial firms to:
We administer the:
More than 600 financial firms voluntarily subscribe to one of the five codes we administer.
All five codes are monitored by independent Code Compliance Committees. On behalf of these committees we:
Each code sets out individual rights for consumers, including lodging a complaint that a financial firm may not have met its obligations under its industry’s code.
Investigating these types of concerns helps us monitor financial firms’ compliance, and support them to remedy breaches of the code.
We do not:
We offer training for financial firms and consumer representatives on the roles and functions of Code Compliance Committees, including how they monitor and investigate code breaches.
The Code Team’s role is to ensure financial firms comply with their industry’s code of practice. We do not provide compensation.
If you are seeking compensation, talk to your financial firm or make a complaint with AFCA.
If you believe a financial services provider may have breached one of the codes of practice we administer, you can report your concern to the Code Team.
To report your concern, email the Code Team or call 1800 931 678 and ask to speak with the Code Team Investigations Manager.