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ARTICLE · 09 OCTOBER 2018

Banking and Finance Update September developments

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Developments in banking and finance including the new AFCA, reverse mortgages, life insurance, responsible lending etc.

AustraliaFinance and Banking
Richard Williams
Richard Williams
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ASIC finally approves the Australian Financial Complaints Authority rules

As has been mentioned in previous updates, Australian Financial Complaints Authority (AFCA) will be the new one-stop-shop for external dispute resolution services.
ASIC announced in a media release issued on Wednesday 12 September 2018 that it has finally approved the complaint resolution scheme rules for the new AFCA together with the terms of reference of the AFCA independent assessor. ASIC's approval of the AFCA rules came in the nick of time, given that it was a statutory requirement for financial firms to join the AFCA scheme by 21 September 2018.

ASIC reminds financial firms about the need to join AFCA by 21 September 2018 but then gives a limited extension

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