Issue 685, 14 September 2018
AFCA: rules and operational guidelines, 21 September membership deadline
The Australian Financial Complaints Authority (AFCA) has published its final rules and operational guidelines, and reminded trustees that they need to become members by next Friday, 21 September.
ASIC announced on 12 September that it had approved the final rules for AFCA and the terms of reference for its independent assessor. On 13 September, AFCA published:
- a set of operational guidelines.
AFCA will publish a set of transitional superannuation guidelines later in September.
AFCA has also asked ASFA to highlight the need for super trustees to become members of AFCA by next Friday, 21 September. AFCA has indicated that it is yet to receive a membership application from a number of trustees.
ASIC has requested that AFCA provide it with a list, on 24 September, of all superannuation trustees and other entities who have not taken out AFCA membership. ASIC has advised it will be taking follow-up action in relation to any regulated entity that has not taken out membership by 21 September.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
