AFCA Approach documents support consumers, small businesses and financial firms’ understanding of AFCA’s approach to certain issues and how we reach our decisions. The Approach documents provide practical information on how AFCA will assess and determine complaints and enhance AFCA’s transparency, consistency, and efficiency.

We are committed to developing new or updating existing Approach documents and consulting with relevant AFCA stakeholders including member firms, industry groups, consumer groups, and regulators.

We will publicly consult on Approaches and provide feedback about the outcomes of the consultation process. We will scale consultations according to the breadth, impact and urgency of issues being considered.

We will:

  • Schedule and announce consultations for the year ahead to enable our stakeholders to effectively manage their resources
  • Consider the timing of the government’s legislative agenda or regulatory policy changes, which may influence the timing of our work; and
  • Prioritise which Approach documents we will develop or amend each year considering our resources and ensuring timely resolution to complaints.

FY 2023 - 2024

This year, we consulted and published new Approach documents in the following areas:

Banking and Finance:

  • The AFCA Approach to Responsible Lending
  • The AFCA Approach to Lending to Small Business

Investment and Advice:

  • The AFCA Approach to determining compensation in complaints against Financial Advice Firms where the Responsible Entity of a Managed Investment Scheme has become insolvent.

Following the stakeholder consultation conducted this year, we will publish the consultation feedback statements and the final Approach documents on:

  • The AFCA Approach to non-financial loss claims
  • The AFCA Approach to uninsured motorist complaints
  • The AFCA Approach to disability discrimination and insurance.

FY 2024 2025

We propose to create or amend the following Approaches as priorities for the 2024-25 financial year.

These priorities are in addition to:

  • existing commitments and engagement with stakeholders on current approaches and
  • work on key factsheets responding to current and emerging issues, including scams.

AFCA consultation

Approach document

New approach or amendment

Superannuation jurisdiction

Approach to sections 29 (6) and (7) of the Insurance Contracts Act 1984 (Cth) (ICA)

New

Superannuation jurisdiction

Approach to delayed insurance claims in superannuation

Amendment

Superannuation jurisdiction

Approach to superannuation death benefits

Amendment

General insurance

Approach to claims handling

New

General insurance

Approach to the duty to take reasonable care not to make a misrepresentation – general insurance

New

General insurance

Approach to non-disclosure and misrepresentation – general insurance

Amendment

Life insurance (non-superannuation jurisdiction)

Approach to the duty to take reasonable care not to make a misrepresentation – life insurance

New

Life insurance (non-superannuation jurisdiction)

Approach to non-disclosure and misrepresentation – life insurance

New

Your feedback and next steps

We invite your feedback on:

  • the proposed Approach schedule
  • any other approach documents that should be prioritised for the financial year 2024/2025

by email to consultation@afca.org.au by 27 June 2024.

We will consider your feedback when preparing the final Annual Approach Documents Schedule. The final Annual Approach Documents Schedule will be published on the AFCA website by 30 June 2024.

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