AFCA complaints regime to start on 5 October 2021

AFA News 14 July 2021.  October 2021 will be a big month for important changes that will impact the financial services sector.  We have a new breach reporting regime commencing, reference checking becomes mandatory, Design and Distribution obligations commence and phase 2 of the APRA Intervention in the IDII market commences.

Importantly also, on 5 October 2021, a new complaints regime commences. These new obligations are set down in ASIC Regulatory Guide 271.  This new regime involves a number of key changes:

  • It is enforceable.
  • The maximum timeframe to finalise a complaint is reduced from 45 days to 30 days.
  • Certain social media complaints will need to be captured.
  • Even complaints that are resolved within the first 5 days need to be recorded.

These are just a few of the changes.  For more information on the new complaints regime under Regulatory Guide 271, please register now for the AFA Webinar on 27 July 2021 – How to comply with new ASIC Complaint requirements under RG271.

Issued 14.07.2021. AFA Policy & Education Update