AFCA Scheme Amendment Authorisation
On 19 February 2019, the responsible Minister changed the authorisation conditions for AFCA Limited to operate the AFCA scheme. The new conditions require AFCA to deal with complaints about conduct by financial firms (who are current members of AFCA) dating back to 1 January 2008. This expanded jurisdiction will operate for a period of 12 months from 1 July 2019.
Complaints that come within the expanded jurisdiction will be subject to the remaining provisions of the AFCA Rules.
The AFCA Scheme Amendment Authorisation outlines the new conditions, and to comply with these conditions, AFCA will need to amend its Rules and Operational Guidelines.
Consultation on Rules amendments
Consultation on the Rules amendments closed on Friday 12 April 2019. Feedback was sought based on the following consultation documents.
Submissions received during the consultation period are published below.
The feedback received will be considered and appropriate changes made, before the proposed amendments to the Rules are provided to ASIC for review and approval, which may result in further changes. It is anticipated that the relevant amendments to the Rules will be released in June 2019.
Please note: If a submission was marked confidential it will not be published below. If a submission contained specific complaint details or personal contact details they have been redacted for privacy reasons.