From 1 July 2019 , AFSL and ACL holders will need to refer to Australian Financial Complaints Authority (“AFCA”) as the relevant external dispute resolution scheme in all disclosure documents, periodic statements and exit statements.
Disclosure documents include:
- Financial Services Guides (“FSG”);
- Product Disclosure Statements (“PDS”); and
- Credit Guides.
AFSL and ACL holders will also need to ensure any references to external dispute resolution on their website is updated to refer to AFCA.
AFCA has been the single point of contact for external complaints since 1 November 2018, and replaced the three previous EDR schemes:
- the Financial Ombudsman Service Australia (“FOS”);
- the Credit and Investments Ombudsman (“CIO”) and
- the Superannuation Complaints Tribunal (“SCT”).
ASIC granted AFSL and ACL holders relief from disclosure prior to 1 July 2019 to assist them during the period of transition to AFCA. Going forward, all disclosure documentation and information on AFSL and ACL holders websites that might have referred to CIO, FOS or the SCT must be updated to AFCA.
For further information you can refer to any of our previous blog articles:
- Co-operation with AFCA’s new Obligations is now Compulsory for all Members;
- Have you Notified ASIC of your AFCA Membership Details? The Deadline is Fast Approaching!;
- FOS is nearly over, and AFCA is starting – What do you need to do?;
- The Transition from FOS to AFCA Commences 1 April 2018; and
- Farewell FOS, the Australian Financial Complaints Authority is here.
Any licensees or representatives who would like further information or assistance in updating disclosure documentation, please contact us.
Ivana is responsible for all Marketing activities for Sophie Grace and assists both the Compliance and Legal teams with a particular focus on Compliance services. Ivana focuses on website development, management and ensures clients receive the latest regulatory updates through Sophie Grace social media channels, the newsletter and website blog page. Ivana also assists the Compliance team with drafting and amending compliance documentation, preparing AFSL and ACL Applications and implementing ongoing compliance solutions.