AFCA published updated versions of its Rules and Operational Guidelines on 2 January 2024, which include adjusted compensation caps and monetary limits for non-superannuation complaints. These adjustments apply to all non-superannuation complaints received on or after 1 January 2024 and can be found on the AFCA website. 

AFCA is required to adjust its compensation caps and monetary limits every three years in line with the higher of the percentage increase in the Consumer Price Index and the Male Total Average Weekly Earnings, as outlined in ASIC Regulatory Guide 267 and the AFCA Rules. The new limits cover:  

• the maximum value of a claim for compensation AFCA can consider, and 
• the maximum amount AFCA can award a consumer or small business for complaints about banking and finance, general insurance, life insurance and investments and advice. (Superannuation complaints are not affected, as these limits do not apply in the superannuation jurisdiction).