The Australian Financial Complaints Authority (AFCA) has published draft Rules which will govern its procedures when the new external dispute resolution process commences on 1 November 2018.
AFCA will be required to have Rules governing its jurisdiction and processes and is now consulting on these proposed Rules.
NIBA has met with the Chair of AFCA, the Hon Helen Coonan, and has also participated in a webcast on the new Rules. NIBA will be meeting with AFCA in the near future to further discuss the proposed Rules, and the operation of AFCA more generally. A submission on the draft Rules will be provided to AFCA following that meeting.
The draft Rules are available for public examination here.
In the meantime, AFCA will continue to administer disputes lodged with the Financial Ombudsman Service, under and in accordance with the FOS Terms of Reference.