AFCA’s Systemic Issues team is pleased to launch a new suite of member tools and resources, now available on the member resources page. These resources are designed to support our members in navigating and effectively addressing possible systemic issues. Here’s what’s included: 

• Member response guide: A comprehensive tool to assist members in providing the necessary information to senior systemic issues specialists, ensuring a best practice response or submission. 
• Guide to systemic issues: Gain insights into AFCA’s Systemic Issues function, including how we work with firms and regulators to identify, report, investigate and resolve systemic issues. Learn about common causes and examples of possible systemic issues. 
• Process fact sheet: Access AFCA’s Systemic Issues process flow chart, offering a clear overview of how we identify and assess possible systemic issues and how we work with firms to address them. 
• Systemic Issues video: A short learning snap that tells you about systemic issues and how we work alongside firms and regulators to identify, address and resolve possible systemic issues. 

These resources, along with AFCA’s Systemic Issues Insights Reports, serve as a central learning hub where members and other stakeholders can learn about AFCA’s Systemic Issues function and how to respond to potential systemic issues. They have been developed as part of our ongoing commitment to enhancing our services and in part response to the AFCA Independent Review. 

The Independent Review Recommendations related to systemic issues came about due to feedback from stakeholders who were concerned about a perceived overlap in role between AFCA and ASIC, and in an external environment in which new breach reporting obligations are expected of financial firms. Firms were concerned that there was a duplication in work by reporting to ASIC and working with AFCA on systemic issues. 

We will close an investigation where we become aware that a firm has reported an issue to ASIC and the firm is engaging with ASIC on the same issue and for the same outcome. This is to ensure we prevent actual overlap and reduce the risk of duplication. Financial firms should let us know as early as possible if they have breach reported the same issue to a regulator.

For more information, please visit the systemic issues systemic issues webpage or the member resources page.