ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open
ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open - On March 5 the Australian Securities & Investments Commission (ASIC) released a draft updated Regulatory Guide 139, Oversight of AFCA (updated RG139) for public consultation (see http://download.asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-298-oversight-of-the-australian-financial-complaints-authority-update-to-rg-139/). Photo by rawpixel.com on Unsplash By Dr Drew Donnelly, Compliance Quarter. In this update, we set out the key elements proposed to be included in the Regulatory Guide (the Guide) in connection with the establishment of the Australian Financial Complaints Authority (AFCA). ASIC invites submissions on the draft Guide by 6 April 2018. Background We last discussed the establishment of AFCA last year (https://www.compliancequarter.com.au/changes-australian-financial-complaints-authority/). Since then the legislation establishing AFCA has passed through the Commonwealth Parliament, becoming law on 14 February 2018. AFCA will be the new dispute resolution body for the financial sector.…
