The Australian Financial Complaints Authority (AFCA) Rules and Operational Guidelines have been updated and published on the AFCA website.
The updates to the Rules allow AFCA to name financial firms in determinations that are issued and published from 1 October 2019. The Operational Guidelines explain in more detail how AFCA will apply the Rules.
AFCA’s governing Rules have been approved by ASIC in accordance with the requirements of the Corporations Act 2001 (Cth) and are explained in more detail in its Operational Guidelines.
Since coming into effect on 1 November 2018, AFCA has made several important changes to its Rules including expanding its jurisdiction to include complaints against financial firms involving conduct dating back to 1 January 2008.
More information:
- Rules and Operational Guidelines
- Read the ASIC media release: ASIC approves AFCA rule change enabling the naming of firms
Published: 11 September 2019
Media enquiries media@afca.org.au
About AFCA
The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.
