AFCA welcomes ASIC’s approval of the AFCA Rules and AFCA’s Independent Assessor Terms of Reference.

ASIC’s approval was issued in accordance with the Corporations Act 2001, which requires ASIC to approve any material changes made to the AFCA Scheme, such as changes made to AFCA’s Rules.  

“AFCA will provide consumers and small business with access to fair, free and independent complaint resolution. ASIC’s approval of AFCA’s Rules and the Independent Assessor’s Terms of Reference is an important milestone prior to AFCA starting its service from 1 November 2018,” said the Chair of the Board of AFCA, the Hon. Helen Coonan.

“We thank all stakeholders who provided submissions and feedback on the AFCA Rules and have contributed to the development of the Rules during the last 12 months,” said Helen Coonan. 

“We look forward to working with ASIC, and consumer, small business and industry stakeholders in implementing this important reform, which will assist in restoring trust and confidence in the financial services industry,” added Helen Coonan.

AFCA will continue working closely with ASIC and all stakeholders to enable AFCA to be ready to operate by 1 November 2018. AFCA will be releasing its Rules, Operational Guidelines and Independent Assessor Terms of Reference on its websites shortly.

“We are also pleased to advise that the operations of the Credit and Investments Ombudsman have now been transitioned to AFCA, commencing from 1 September 2018,” said Helen Coonan.

“I would like to thank the CIO Board, CIO’s CEO and Chief Ombudsman Raj Venga, CIO staff and CIO stakeholders for working with AFCA during the last six months to facilitate and assist with this transition,” said Helen Coonan.

Published: 13 October 2023

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About AFCA

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.