AFCA Consultation on its Rules and Operational Guidelines
On 4 May 2023, AFIA made a submission to the Australian Financial Complaints Authority (AFCA) Rules and Operational Guidelines – Proposed amendments consultation.
AFCA’s consultation proposals included reflecting key recommendations from the Treasury’s review of AFCA, published in November 2021.
AFIA welcomed AFCA introducing essential changes to strengthen its Rules and Operational Guidelines to further improve its practices and efficiency of processes. We emphasised the importance of AFCA effectively managing the conduct of all parties involved in their processes and ensuring that their expectations are clarified, including managing poor and unreasonable conduct of ‘Paid Representatives’ and Complainants within its Rules.
We are encouraged to see progress which aims to help progress Treasury’s recommendations and will help to minimise inappropriate disruption, unfair costs, avoid poor customer outcomes and enhance confidence in the process.