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This consultation paper sets out our proposals for two aspects of our oversight role regarding the Australian Financial Complaints Authority (AFCA). It also seeks feedback on whether financial firms need any transitional relief from external dispute resolution disclosure obligations in the lead up to commencement of AFCA.
We seek the views of interested stakeholders, including scheme, industry and consumer representatives.
Attached to this paper is a draft updated version of Regulatory Guide 139 Oversight of the Australian Financial Complaints Authority (draft RG 139).
The Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018 (AFCA Act) creates a new, single external dispute resolution (EDR) scheme for all financial services, credit and superannuation complaints. The scheme is to be known as the Australian Financial Complaint Authority (AFCA).
The AFCA Act implements the Australian Government’s response to the Review of the financial system external dispute resolution and complaints framework (Ramsay Review), the first comprehensive and independent review of the financial services dispute resolution framework.
We are updating our existing dispute resolution guidance to align with the new statutory framework for EDR.
Comments close 6 April 2018.