AFCA amends complaints rules following court case
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The financial services ombudsman has changed its rules after the NSW Supreme Court found that it had acted against its obligations and did not have jurisdiction to consider certain types of disputes against licensees.
The Australian Financial Complaints Authority (AFCA) has confirmed that it has amended its Complaint Resolution Scheme Rules after a direction from ASIC to do so.
The rule change seeks to “provide clarity for consumers and financial firms regarding AFCA’s jurisdiction to receive complaints about the conduct of an authorised representative of an AFCA member”.
It updates the defined terms for what constitutes a “financial firm” and “representative” of a financial firm.