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She welcomed ASIC’s draft guidance on its oversight of AFCA, and said it was an “important step in establishing the AFCA.”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.