ASIC gives AFCA rules tick of approval
The Australian Securities and Investments Commission (ASIC) has given the Australian Financial Complaints Authority’s (AFCA’s) Complaint Resolution Scheme Rules the tick of approval as the scheme nears commencement.
ASIC also approved the Terms of Reference of the AFCA Independent Assessor (IA), which ASIC deputy chair, Peter Kell, said marked another milestone towards the Authority’s commencement on 1 November this year.
“The approval of the AFCA Rules and the IA Terms of Reference follow a period of public consultation and feedback, and both AFCA and ASIC appreciate the timely contributions from industry and consumer representatives to that process,” he said.
“Further material changes to the AFCA scheme will also need to be approved by ASIC.”
Chair of the AFCA board, Helen Coonan, welcomed the approval and said she looked forward to working with the corporate regulator in implementing the reforms.
AUTHOR
Anastasia Santoreneos
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
