AFCA has published its March 2024 Quarterly Update on the Independent Review response.

To date, the organisation has responded fully to eight of Treasury’s recommendations, with two more to be closed when AFCA’s Rules are updated on 1 July 2024.

Notable progress this quarter includes the launch of AFCA's Approach to Lending to Small Business, which also marks the near completion of Recommendation 11 by setting out the consultation process for finalising an Approach document. An AFCA Approach document provides guidance for financial firms and consumers or small businesses about how it considers complaints in certain areas.

ASIC has formally approved material changes to AFCA’s Rules and Operational Guidelines, marking the culmination of extensive consultation efforts undertaken in 2023. These changes, effective 1 July 2024, will bolster AFCA’s ability to manage disputes effectively and provide clearer guidance on its jurisdiction and processes.

AFCA remains on track to complete all its objectives and respond to all recommendations in full by the end of 2024.