ASIC approves AFCA naming firms
The Australian Securities and Investments Commission (ASIC) has approved changes to the Australian Financial Complaints Authority (AFCA) rules allowing the authority to name the financial firms it rules both for and against.
ASIC said AFCA had applied for the rule change to enable the identification of firms following a public consultation process, although consumers would remain anonymous.
ASIC said that in its firs six months, AFCA had received 35,263 complaints and while publication of determinations had been a long-standing feature of the external dispute resolution schemes, the names of firms involved in financial services, superannuation and credit complaints had not been published.
ASIC said it viewed that the naming of firms would help identify conduct or market problems within firms or affected specific products or services, as well as highlighting where firms had don the right thing.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
