ASIC releases AFCA guidance

The Australian Securities and Investments Commission (ASIC) today released new guidance for its oversight of and role in relation to the Australian Financial Complaints Authority (AFCA).

ASIC has released “Regulatory Guide (RG) 267: Oversight of the Australian Financial Complaints Authority” to provide policy certainty for stakeholders and to support an efficient transition to the new single scheme.

The guide also sets out financial firms’ AFCA membership obligations.

It should be read in conjunction with “RG 165: Licensing – Internal and external dispute resolution”.

The release of RG 267 completes another transitional step towards AFCA’s commencement of accepting complaints on 1 November.

ASIC will retain its existing guidance in “RG 139: Approval and oversight of external complaints resolution schemes” until all complaints made under the existing approved schemes – the Financial Ombudsman Service and the Credit and Investments Ombudsman – have been resolved.

The corporate regulator will then repeal that guidance.

Licensees and credit representatives must continue to maintain their external dispute resolution membership through the transitional period, including paying membership and other scheme fees in full as required.

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