The Australian Financial Complaints Authority (AFCA) has updated its Operational Guidelines.
The changes include:
- Aligning AFCA’s processes with ASIC Regulatory Guide 271 Internal Dispute Resolution (RG 271), which comes into effect on 5 October 2021
- Updating guidelines regarding the death benefit decision objection process, removing the requirement that an objection must be in writing.
The new Operational Guidelines, as well as previous versions, can be read here. Please refer to sections A.5 notifying the Financial Firm of the complaint, and B.4 time limits for complaints to review the changes.
About AFCA’s Operational Guidelines
AFCA’s Operational Guidelines provide an overview of how AFCA operates to resolve complaints.
AFCA is governed by a set of Rules, which are approved by ASIC in accordance with the requirements of the Corporations Act 2001 and ASIC Regulatory Guide 267. These Rules are also explained in more detail in AFCA’s Operational Guidelines.