ASIC recently released a draft updated Regulatory Guide 139 Oversight of the Australian Financial Complaints Authorityand consultation paper setting out proposed arrangements in relation to reporting requirements, the role of independent assessors and external dispute resolution disclosure obligations.

Following the passing of the Treasury Laws Amendment (Putting Consumers First – Establishment of the Australian Financial Complaints Authority) Act 2018 (Cth) (AFCA Act) last month, AFCA will be set up by ASIC to create a new, single external dispute resolution scheme for all financial services, credit and superannuation complaints (previously discussed here). The draft regulatory guide and consultation paper were released to clarify ASIC’s policy approach and enable it to respond to any emerging issues arising from the transitionary period between now and 1 November 2018 (ie, the date that the AFCA Act is set to commence).

Responses are currently being sought until 6 April 2018.