On 23 April 2018, the Minister for Revenue and Financial Services authorised operation of the Australian Financial Complaints Authority (AFCA), which will start accepting complaints from 1 November 2018.
This month, ASIC released Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority, having been released early to assist with a seamless transition to the new scheme. RG 267 sets out ASIC’s oversight role in relation to AFCA, which includes the power to issue regulatory requirements, give directions and approve significant changes to the scheme. It also explains how ASIC will administer AFCA’s reporting requirements.
Another step in the transition process is the public consultation on the new AFCA Rules, with the due date for submissions being 29 June 2018. The proposed AFCA Rules are available on AFCA’s website. The AFCA Board will now consider all submissions, make any appropriate amendments and submit the draft Rules to ASIC in August 2018. It is anticipated that the approved AFCA Rules will be released in September 2018.
For more information, contact Annette Gaber.