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.

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So the Australian Consumers Association can remain anonymous on its complaints as well? What a stitch up.

of course they did. ASIC ok to destroy the reputation further of all fin services companies.

It is now too dangerous and to nonviable to operate in the financial services industry. Why do you think the banks made a hasty exit?

Taking complaint numbers quoted at face value, my question is how can any body realistically give the required attention to what extrapolates out to over 1,300 complaints per week?

Fair question. 3 things. They hired a heap more staff based on a ‘customer focused’ job spec
, 2 they either rush them while whipping the fin services co on the call or they take a year before they look at it.

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