The Australian Financial Complaints Authority (AFCA) has released a consultation paper on proposed changes to its Rules, as part of transition arrangements relating to the ceasing of operations of the Superannuation Complaints Tribunal (SCT) from 31 December this year.
AFCA said it was proposing to amend its Rules to allow it to consider any remaining complaints currently with the SCT that were unable to be finalised prior to the SCT ceasing operations.
“The amendment also proposes to allow AFCA to consider any matters that are before the Federal Court on appeal from the SCT that are not finalised prior to SCT ceasing operations and require remittal back to be determined again or finalised in accordance with the Court’s decisions,” the Authority said.
“The proposed changes will not otherwise affect what complaints AFCA can consider,” it said.
“AFCA is also proposing two additional minor technical changes to the Rules to clarify which Australian Bureau of Statistics reports are used to index AFCA’s monetary limits, and to correct a reference to legislation.”
AFCA said consumers, small businesses, financial firms and other stakeholders were invited to review the proposed changes and make a submission to the consultation.
“Following the consultation, the proposed amendments to the Rules will be provided to the Australian Securities and Investments Commission for review and approval,” it said.
“It is anticipated that the amended Rules will be released by January 2021.”
It said submissions on its consultation paper, AFCA Rules Change Consultation, would be accepted until 16 October.
AFCA’s eight-page consultation paper, as well as information on how to have a say, can be accessed at this PS News link.
