Consultation open
AFCA is consulting on two draft Approach documents for key areas in superannuation:
- AFCA’s Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (new), and
- AFCA’s Approach to delayed insurance claims in superannuation (amended).
AFCA cares about the feedback and valuable insights of all stakeholders and invites them to provide comments or make a submission during the consultation. The joint consultation is open Monday, 9 September 2024 to Monday, 30 September 2024.
Please note: All feedback and submissions on these Approach documents should be sent to AFCA by Monday, 30 September 2024. Once the joint consultation period has closed, AFCA will consider and respond to feedback received in the submissions.
About the consultation
The draft Approaches have been developed to provide greater clarity around what to expect from AFCA processes, greater transparency about the way we investigate complaints and make decisions, and ensure we continue to deliver consistent outcomes for complaints to AFCA.
The documents will help complainants, financial firms and stakeholders understand how AFCA considers certain complaints about life insurance within superannuation and delayed insurance claims in superannuation.
They outline how AFCA applies legal principles, industry codes, regulatory guidance and considers good industry practice when investigating these complaints. The documents are informed by feedback received during our complaint handling process with our stakeholders, including government, regulators, financial firms and industry associations.
Together, the Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 and the Approach to delayed insurance claims in superannuation will support complainants and financial firms to better understand how we consider these complaints and assist in efficiently and effectively resolving and avoiding disputes.
AFCA Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984)
The consultation for AFCA’s new Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (superannuation) is taking place from Monday, 9 September 2024 to Monday, 30 September 2024.
This draft Approach document explains how AFCA deals with complaints that involve the application of sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (the Act). These sections provide remedies to insurers where there have been certain misrepresentations or a failure to comply with the duty of disclosure by an insured fund member.
Approach document and consultation paper
- Read AFCA’s new draft Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 and provide your feedback through one of the channels below.
- The Consultation Paper explains the purpose of the Approach document and supports stakeholders in their submission.
AFCA Approach to delayed insurance claims in superannuation
The consultation for AFCA’s amended Approach to delayed insurance claims in superannuation is taking place from Monday, 9 September 2024 to Monday, 30 September 2024.
AFCA has made minor clarifying updates to our existing Approach to delayed insurance claims in superannuation. These updates are not intended to reflect any change to the substance of AFCA’s existing Approach.
Approach document and consultation paper
- Read AFCA’s amended draft Approach to delayed insurance claims in superannuation and provide your feedback through one of the channels below.
- The Consultation Paper explains the purpose of the Approach document and supports stakeholders in their submission.
Provide feedback or make a submission
AFCA invites all stakeholders to provide feedback or make a submission through one of the following channels:
- email general questions and comments to us at consultation@afca.org.au
- send us a written submission by emailing consultation@afca.org.au
- post/mail us a written submission to:
Lead Ombudsman – Superannuation
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Joint consultation key dates
| AFCA’s joint consultation on Superannuation Approaches | |
|---|---|
| Date | Milestone |
| Monday, 9 September 2024 | Joint consultation on AFCA’s Superannuation Approaches opens |
| Monday, 30 September 2024 | Joint consultation on AFCA’s Superannuation Approach documents closes |
| September – October 2024 | AFCA to consider and respond to joint consultation submissions and feedback |
| October 2024 | AFCA to publish submissions received |
| Late 2024 | AFCA publish updated final Approaches (subject to external approval) |
Frequently asked questions
Answers to frequently asked questions about:
- AFCA’s Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (superannuation) (new), and
- AFCA’s Approach to delayed insurance claims in superannuation (amended).
Contact us
If you have any questions about the draft Approach documents or the consultation process, please email consultation@afca.org.au.
