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Mandatory Compliance with AFCA

As of the beginning of this month it is mandatory for financial institutions to comply with the Australian Financial Complaints Authority (AFCA).

AFCA Chief Ombudsman and Chief Officer David Locke welcomed the government recommendation earlier this year.

“If we see any failure to cooperate fully and honestly with AFCA, we will call this out in the strongest possible terms and work with the regulators to see appropriate regulatory action taken,” Locke said.

Bright Law’s David Jacobson writes that mandatory cooperation is written into the Regulation 7.6.03C that has been inserted into the Corporations Act.

Jacobson continues that something similar has been added into the National Consumer Credit Protection Regulations, Retirement savings Regulations and the Superannuation Industry Regulations.

Last month GRC Professional Podcast spoke to the Chief ombudsman, who said that while it has been projected that in the first year of operation there would be up to 54, 000 complaints in the first year of operation, Locke said that 292 complaints a day it was tracking closer to about 71, 000 complaints in the first year.

You can listen to this podcast interview here.

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