The Treasury Laws Amendment (Putting Consumers First – Establishment of the Australian Financial Complaints Authority) Bill 2017 received Royal Assent on 5 March 2018. Background.
The Minister for Financial Services has announced that Helen Coonan will be Inaugural Chair of the Australian Financial Complaints Authority.
AFCA will start receiving disputes no later than 1 November 2018.
ASIC has released draft updated Regulatory Guide 139, Oversight of AFCA (updated RG139) for public consultation.
Before AFCA commences the AFCA Board will consult on the scheme’s terms of reference.