The Australian Financial Complaints Authority (AFCA) has appointed a new leader of its Code Compliance and Monitoring Team. Prue Monument has joined as General Manager of Code Compliance and Monitoring and is also the new CEO of the Banking Code Compliance Committee.
Rene van de Rijdt, who has been acting in the role since March, has taken up the new position of Deputy General Manager.
The Banking Code of Practice, the Customer Owned Banking Code of Practice, the General Insurance Code of Practice, the Insurance Brokers Code of Practice, and the Life Insurance Code of Practice are each monitored by an independent Code Compliance Committee. On behalf of these committees, the Code Compliance and Monitoring Team conducts code monitoring activities, investigates alleged code breaches and shares examples of good industry practice.
Ms Monument has joined AFCA from Australia’s higher education regulator, the Tertiary Education Quality and Standards Agency, where she was Executive Director, Quality Assurance & Regulatory Operations. She was previously Director of Compliance at the Australian Charities and Not-for-profits Commission. She has also held senior roles in the Department of Immigration and Border Protection, including as National Manager of the Allegations Assessment Team.
“Prue brings to the team extensive regulatory and self-regulatory experience, and a strong focus on practice improvement and public benefit,” AFCA Chief Executive and Chief Ombudsman David Locke said. “She will ensure that both financial firms and consumers benefit from the work the Code Team does to monitor and influence good industry practice.”
Ms Monument said: “I’m thrilled to have joined the AFCA team and look forward to supporting the important work the five Code committees do in building firms’ compliance capabilities and protecting the interests of consumers.”
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- The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes.
- AFCA is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation.
- Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.