Annual Review 2021–22

Submissions and consultations

AFCA proactively contributes to the development of reforms to financial services law, regulation and policy. Through this work, we aim to address issues raised in complaints or systemic issues, improve the resolution of complaints about financial services and reduce future complaints.

We participate regularly in inquiries, reviews and other consultations by making submissions, appearing at hearings and providing feedback on proposed reforms. We also work closely with regulators and peak bodies, sharing data and other insights to improve practices.

In 2021–22, AFCA made written submissions, engaged with stakeholders and provided information and feedback on areas of reform and other matters including:

  • the ‘Fintech Inquiry’ by the Senate Select Committee on Australia as a Technology and Financial Centre
  • the review of the Privacy Act 1988 (Cth)
  • updates to complaint management standards and guidelines, including:
    • ASIC’s RG271 Internal Dispute Resolution
    • AS 10002:2022 Guidelines for complaint management in organisations
  • the development of the Insurance Brokers Code of Practice 2022
  • reforms discussed in the Issues Paper released in March 2022 for the Quality of Advice Review
  • the review of the Life Insurance Code of Practice
  • expansion of the Consumer Data Right regime
  • proposals to reform the regulation of crypto assets outlined in the Consultation Paper released by Treasury in March 2022 ‘Crypto asset secondary service providers: Licensing and custody requirements’
  • ASIC’s update to the ePayments Code, which took effect from 2 June 2022
  • the Australian Law Reform Commission’s inquiry into simplification of financial services legislation
  • the ACCC’s consultations relating to the Customer Owned Banking Code of Practice and arrangements to facilitate handling of Business Interruption insurance claims
  • the Queensland State Government’s review of the response to floods in 2022
  • the Treasury’s consultations on reforms to modernise business communications by enabling greater use of new technologies
  • the review of the Privacy (Credit Reporting) Code 2014.
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