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.
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.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.