The Australian Financial Complaints Authority has published its revised rules following approval from the corporate regulator.

AFCA consulted on the changes, which include stronger oversight of paid representatives (including mandatory use of its consumer portal) and the ability to publish names of financial companies that fail to comply with determinations.

Paid representatives argued against being forced to use the portal, saying is not fit for purpose. But industry and consumer groups agreed with the change, and AFCA says it will make improvements before the rule’s introduction.

Stakeholders were largely supportive of naming companies that do not comply with determinations, but some sought clarity on the process.

“Some ... expressed concern about potential reputational risks for smaller firms and the perception that AFCA was assuming a regulatory role,” the authority said.

“AFCA is proceeding with the new rule as drafted. We consider this change as consistent with our accountability obligations to all stakeholders and the public.

“The operational guidelines explain the process and we confirm that financial firms will be notified and given an opportunity to respond to a claim that they have not complied with a determination prior to publication.”

The changes take effect on March 12 next year. See the rules, submissions to the consultation and AFCA’s response here.