ASIC releases guidance ahead of AFCA regime

ASIC/AFCA/ASIC-policy/policy-and-regulation/

20 June 2018
| By Nicholas Grove |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has released new guidance ahead of the start of the Australian Financial Complaints Authority (AFCA) regime on 1 November 2018.

The release of Regulatory Guide 267, Oversight of the Australian Financial Complaints Authority (RG 267), is aimed at providing “policy certainty for stakeholders and to support an efficient transition to the new single scheme,” the regulator said.

ASIC said RG 267 completed another transitional step towards the start of AFCA and followed: confirmation that AFCA would start accepting complaints on 1 November 2018; financial firms being required to be members of AFCA by 21 September 2018; and AFCA commencing public consultation on the proposed AFCA rules.

In March 2018, ASIC issued Consultation Paper 298, Oversight of the Australian Financial Complaints Authority: Update to RG 139 (CP 298).

ASIC said it would retain its existing guidance in RG 139 until all complaints made under the existing approved schemes, the Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman (CIO), have been resolved.

It said it would then repeal that guidance.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND