AUSTRALIA: AFCA Publishes New Rules and Operational Guidelines

Tuesday July 2 2024

On 1^st July 2024, the Australian Financial Complaints Authority (AFCA) published new versions of its Rules and Operational Guidelines, which apply to all complaints lodged on or after 1 July 2024. The new version of AFCA’s Rules and Operational Guidelines include changes that:

• Increase AFCA’s ability to manage unreasonable or inappropriate conduct within the scheme from complainants and paid representatives
• Deal with complaints where an appropriate settlement has been made or where issues in dispute have been previously settled
• Provide further guidance and clarity on the exclusion of complaints lodged by professionals or sophisticated investors unless exceptions apply
• Enhance the visibility, accessibility and performance of the Forward-Looking Review Mechanism
• Ensure greater transparency and understanding of AFCA’s decision making, including how the slip rule works and clarification of effects of AFCA determination
• Make minor changes to definitions and language to update certain areas of the Rules arising from legislative change, which will give greater clarity and transparency of the scheme’s operation overall, and
• Make minor changes to clarify reporting and transparency obligations.

Click on the above link for further information