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Please note: If a submission was marked confidential it will not be published below.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.

AHL Investments

Australian Banking Association

Australian Collectors and Debt Buyers Association

Australian Finance Group

Australian Finance Industry Association

Australian Institute of Superannuation Trustees

Australian Retail Credit Association

Better Choice Home Loan

Commonwealth Bank of Australia

Consumer Action Law Centre

Consumer Credit Legal Service Western Australia

Customer Owned Banking Association

David Smith

Finance Brokers Association of Australia

Financial Planning Association of Australia

Financial Rights Legal Centre

Financial Services Council

Finsure Finance

Industry Super Australia

Legal Aid New South Wales

Legal Aid Queensland

Mortgage and Finance Association of Australia

Perpetual

Prospa Advance

Stockbrokers and Financial Advisers Association