The Australian Financial Complaints Authority (AFCA) and the Australian Securities and Investments Commission (ASIC) have signed a memorandum of understanding (MoU) setting out how they will continue to work together to support a fair and efficient financial services sector.
The MoU documents how ASIC and AFCA already engage, and will continue to engage, including through information sharing and other forms of cooperation and coordination.
It acknowledges the importance of consultation and cooperation in the effective discharge of their respective responsibilities and governs the administrative arrangements between them.
The MoU has been signed by AFCA’s Chief Ombudsman and Chief Executive Officer David Locke and the Chair of ASIC, Joe Longo.
“This MoU reflects our already productive relationship and our intention to maintain that proactive, open and collaborative relationship in performing our respective functions,” Mr Locke said.
"We share a common interest in ensuring that financial firms treat consumers fairly and properly resolve issues when loss has been caused. We know that a well-regulated and stable financial services sector is important for promoting consumer confidence,” Mr Longo said.
AFCA is an independent, not-for-profit ombudsman service for the financial services sector. Its external dispute resolution service helps consumers and small businesses resolve complaints with financial firms in banking and finance, investments and advice, insurance and superannuation.
ASIC is Australia’s corporate, financial markets, financial services and consumer credit regulator. One of its key responsibilities is as a conduct regulator for Australian Financial Services licensees and Australian Credit licensees. ASIC also performs regulatory oversight functions in relation to the AFCA external dispute resolution scheme.
Published: 4 December 2023
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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.