The Australian Financial Complaints Authority (AFCA) will take into account the financial regulator’s changed approach to advice about early access to superannuation when dealing with complaints that arise due to COVID-19.
Australian Securities and Investments Commission (ASIC) announced new measures to assist the provision of affordable advice on early access to super last week.
AFCA CEO and Chief Ombudsman David Locke welcomed the changes, noting the measures were appropriate given the extraordinary circumstances.
“AFCA strongly welcomes ASIC’s relief measures to facilitate advice about early access to superannuation,” Mr Locke said.
“We note that this includes changes to who can advise people about the early release of their superannuation, and what records these advisors must keep.”
“We will take these changes into account – including the form of the advice and the timeframe extensions – when dealing with complaints that arise due to COVID-19.”
More information about ASIC’s temporary relief measures can be found on the ASIC website.
For more information about AFCA’s approach to COVID-19 related complaints, visit afca.org.au/covid-19
Published: 21 April 2020
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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. It 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.