Rules amendment consultation May 2019
AFCA is committed to being open, transparent and accountable to the public. As part of our new transparency measures, AFCA has proposed to identify financial firms in our published decisions.
We have drafted changes to Rule A.14.5 that will enable us to identify financial firms in published determinations. This will apply to determinations issued after the changes take effect, subject to the changes being approved by ASIC.
Consultation on Rules amendments
Consultation on the Rules amendments closed on Thursday 20 June 2019. Feedback was sought based on the following consultation documents.
Submissions received during the consultation period are published below.
In response to feedback and suggestions raised in stakeholder submissions that we received during the public consultation on the proposed change, the Operational Guidelines have been revised to clarify the circumstances in which AFCA will not publish a determination. Unless there are compelling reasons not to publish, the decision will be published.
ASIC Approval
On 21 August 2019, ASIC approved the proposed Rules change and the associated change to the Operational Guidelines.
This followed the AFCA Board considering all submissions and feedback provided during the public consultation, and taking into account our commitment to providing open, transparent and accountable services to the public and enhancing consumer confidence in financial services.
The changes take effect on 1 October 2019 and will apply to Determinations issued on or after that date for complaints lodged with AFCA on or after 1 November 2018.
Submissions
Please note: If a submission was marked confidential it will not be published below. If a submission contained specific complaint details or personal contact details they have been redacted for privacy reasons.
Australian Banking Association
Australian Collectors and Debt Buyers Association
Australian Finance Industry Association
Australian Institute of Superannuation Trustees
Australian Retail Credit Association
Commonwealth Bank of Australia
Consumer Credit Legal Service Western Australia
Customer Owned Banking Association
Finance Brokers Association of Australia
Financial Planning Association of Australia
