ASIC releases guidance for its oversight of AFCA

ASIC releases guidance for its oversight of AFCA | Insurance Business

ASIC releases guidance for its oversight of AFCA

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

ASIC said the guidance aimed at providing “policy certainty for stakeholders and to support an efficient transition to the new single scheme.”

The newly published Regulatory Guide 267, Oversight of the Australian Financial Complaints Authority outlines how the financial regulator will perform its oversight role in relation to the new external dispute resolution (EDR) scheme, as well as the financial firms' AFCA obligations.

ASIC said it will 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. The regulator will then repeal that guidance.

 

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