ASIC releases guidance ahead of AFCA regime

The Australian Securities and Investments Commission (ASIC) has released new guidance ahead of the start of the Australian Financial Complaints Authority (AFCA) regime on 1 November 2018.

The release of Regulatory Guide 267, Oversight of the Australian Financial Complaints Authority (RG 267), is aimed at providing “policy certainty for stakeholders and to support an efficient transition to the new single scheme,” the regulator said.

ASIC said RG 267 completed another transitional step towards the start of AFCA and followed: confirmation that AFCA would start accepting complaints on 1 November 2018; financial firms being required to be members of AFCA by 21 September 2018; and AFCA commencing public consultation on the proposed AFCA rules.

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In March 2018, ASIC issued Consultation Paper 298, Oversight of the Australian Financial Complaints Authority: Update to RG 139 (CP 298).

ASIC said it would retain its existing guidance in RG 139 until all complaints made under the existing approved schemes, the Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman (CIO), have been resolved.

It said it would then repeal that guidance.

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