Australian Financial Complaints Authority

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1800 931 678

Members 1300 56 55 62

info@afc.org.au

GPO Box 3 Melbourne VIC 3001

Consultation on the proposed AFCA Rules
The Australian Financial Complaints Authority (AFCA) will be required to have Rules governing its jurisdiction and processes. AFCA is now consulting on these proposed Rules.

The proposed Rules have been drafted in accordance with legislative requirements and ministerial and regulatory guidance. We intend to have the Rules finalised and approved by ASIC by September 2018.

There are a number of provisions of the proposed Rules that will not form part of this consultation. The scope of this consultation is outlined and explained in the Consultation paper provided below and feedback provided should be within this scope.

In line with the guiding principle of ensuring there is no reduction in scope of jurisdiction for AFCA compared with the current schemes, a comprehensive mapping and comparison of the Terms of Reference of FOS and the CIO Rules, along with the Superannuation Resolution of Complaints Act was conducted. This mapping information is provided below.

Consultation documents
The consultation paper [PDF] – outlines the proposed Rules and explains the scope of consultation
A copy of the Australian Financial Complaints Authority Draft Rules [PDF]
Mapping document – AFCA Rules to FOS Terms of Reference and CIO Rules [PDF]
Mapping document - AFCA Rules to Superannuation legislation [PDF]


In addition, AFCA is making available the independent assessors draft Terms of Reference for comment. The independent assessors draft Terms of Reference are subject to approval by ASIC.

Independent Assessors draft Terms of Reference [PDF]

AFCA will also release Operational Guidelines (OGs) in due course, these will provide detailed guidance about how AFCA will interpret and apply the Rules.

If you have any questions about the consultation, please contact Mike D’Argaville on (03) 8623 2004 or by email at submissions@afc.org.au.

How to make submissions
AFCA will consult for 4 weeks from 1 June 2018, during which time it invites stakeholders to make submissions on the proposed AFCA Rules.

If you want to make any submissions on the proposed AFCA Rules, please email them to Mike D’Argaville at submissions@afc.org.au by COB Friday 29 June 2018.

Submissions will be published by AFCA. If you do not want your submission published, please mark both it and the covering email “confidential”. Submissions will be published here after the consultation period has ended.

Following the consultation, the AFCA Board will consider all submissions and make any appropriate changes. The Rules will then be submitted to ASIC for review and approval, which may result in further changes.

Once finalised, the Rules will govern AFCA’s jurisdiction and complaint handling processes.

AFCA rules consultation webcast
On 13 June 2018, the Australian Financial Complaints Authority (AFCA) conducted and streamed a webcast on the draft Rules of AFCA.

The webcast provided an opportunity for AFCA to take stakeholders through the key sections of the proposed Rules and to answer questions.


Please click here for more information on the webcast and other upcoming events.