AFCA is the comprehensive dispute resolution scheme for financial services. It became operational on November 1st, 2018, and now resolves complaints that financial firms were unable to resolve at IDR.
AFCA replaced previous schemes such as FOS, CIO, and SCT, and is mandatory for all financial firms. It requires firms to have a dispute resolution system that includes both IDR procedures and membership with AFCA.
Regulatory Guide 267 and 271 provide detailed information on who must comply with this system and how to meet the required obligations. These obligations include recording and responding to complaints within specific timelines.
Regulatory Guide 165 applies to complaints received before October 5th, 2021, while Regulatory Guide 271 applies to complaints received after this date. Ensuring compliance with these guidelines is essential for maintaining a strong reputation and trust within the financial services industry.
This course focuses on the ASIC standards of internal and external dispute resolution processes to understand its importance and the requirements of all financial service providers.
