AFCA open for business by 1 November
The Minister for Revenue and Financial Services, Kelly O’Dwyer, said the Australian Financial Complaints Authority (AFCA) would be ready to receive disputes by 1 November 2018.
Minister O’Dwyer said governance processes have been put in place so the AFCA is ready to start receiving consumer and small business disputes by this time.
She said under the AFCA legislation passed in February this year, the Australian Securities and Investments Commission (ASIC) would have a new directions power that would strengthen its oversight of the dispute resolution scheme.
She welcomed ASIC’s draft guidance on its oversight of AFCA, and said it was an “important step in establishing the AFCA.”
“The draft regulatory guidance sets out ASIC’s approach and I encourage all stakeholders to be involved in this important consultation process,” Minister O’Dwyer continued.
The Regulatory Guide would be open for public consultation until 6 April, and ASIC has invited stakeholder views on the need for any transitional relief from external dispute resolution disclosure obligations.
AUTHOR
Anastasia Santoreneos
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
