It’s now under three months until AFCA starts receiving and resolving disputes from 1 November 2018. Here are some recent developments, and things you need to know.
We recently consulted with stakeholders on the proposed Rules that will govern AFCA, and on the AFCA funding model. We’d like to thank all stakeholders who contributed during the consultation, whether through making a submission or meeting with us to discuss the Rules or funding model. We received a range of useful feedback and suggestions made through the consultation, all of which have been carefully reviewed and considered.
Both consultations have now closed. The AFCA Board has recently considered the feedback received and any further appropriate changes arising from the consultation. Following the Rules being submitted to ASIC for approval, we currently plan to release the final Rules and details of the AFCA funding arrangements in September. The Rules and the funding model will commence on 1 November 2018.
The Rules set out things like the complaints AFCA can consider, the process it will follow to resolve complaints, remedies and compensation limits, reporting obligations, and the handling of systemic issues.
We received 34 submissions from industry organisations, consumer bodies and financial firms. All non-confidential submissions have been published on the AFCA website.
Funding model consultation
AFCA is required to ensure it has adequate funding to effectively manage the transition from the existing Ombudsman schemes and the Superannuation Complaints Tribunal, as well as its ongoing complaint resolution services.
We received 17 submissions from industry stakeholders (including industry associations).
New website address
To ensure AFCA members, consumers and other stakeholders can easily find us online, we have a new web address: www.afca.org.au.
We’ve also changed all AFCA emails to <@afca.org.au>.
If you bookmarked our previous address (afc.org.au), please update your records.
Letting your customers know about AFCA
AFCA members need to ensure their customers are aware they can bring a complaint to AFCA. From 21 September 2018 until AFCA commences on 1 November 2018, AFCA members must provide contact details of both AFCA and the relevant predecessor dispute resolution scheme (FOS, CIO or SCT) in their IDR response letters and ‘delay letters’.
By 1 July 2019, members must also include AFCA’s contact details in their Financial Services Guide or Credit Guide and in other relevant disclosure documents.
We have offered guidance to financial firms on how to update their documents and EDR referral information with AFCA’s contact details.
We’re holding an AFCA membership webcast on Tuesday 28 August 2018, broadcast nationally from Melbourne.
For more information or to register, please click here.
Keep your contact details updated
To receive webcast details and information on other AFCA events and updates for our members and community advocates (including financial counsellors), please keep your contact details up to date. You can let us know any changes at email@example.com.
If you would like to know more, the FOS website has a dedicated AFCA page that includes frequently asked questions. You can also send questions to firstname.lastname@example.org.