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AFCA consults on complaints process rules

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The Australian Financial Complaints Authority (AFCA) is seeking feedback on proposed rules covering its jurisdiction and complaints resolution process.

AFCA says consultations with industry and consumer groups will take place this month and it expects to have the rules finalised and approved by the Australian Securities and Investments Commission by early September.

Questions include whether the rules strike a good balance between user-friendliness and detail, and if they adequately provide for AFCA to meet reporting obligations under the Corporations Act.

AFCA, which will start operating in November, will also host a webcast tomorrow as part of the consultation.

Submissions are due by Friday June 29.  More details are available here.