Co-operation with AFCA now mandatory

The Treasury Laws Amendment (AFCA Cooperation) Regulations 2019 has been registered to require all Australian Financial Complaints Authority (AFCA) members including Australian Financial Services Licence holders, Australian Credit Licence holders, and Registrable Superannuation Entities to co-operate with AFCA in resolving complaints under the AFCA scheme to which they are a party before, on or after 6 April 2019.

Regulation 7.6.03C has been inserted into the Corporations Regulations requiring Australian Financial Services Licence holders to take reasonable steps to co-operate with the Australian Financial Complaints Authority (AFCA) in resolving complaints under the AFCA scheme to which it is a party including by:

(a) giving reasonable assistance to AFCA in resolving the complaint; and
(b) identifying, locating and providing to AFCA any documents and information that AFCA reasonably requires for the purposes of resolving the complaint; and
(c) giving effect to any determination made by AFCA in relation to the complaint.

Similar regulations have been inserted into the National Consumer Credit Protection Regulations (new Regulation 11A), the Retirement Savings Accounts Regulations (new Regulation 6.10A) and the Superannuation Industry (Supervision) Regulations (new Regulation 13.17D).

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