As part of transition arrangements in relation to the Superannuation Complaints Tribunal (SCT) ceasing operations after 31 December 2020, the Australian Financial Complaints Authority (AFCA) is seeking submissions on proposed changes to its Rules.
AFCA is proposing to amend its Rules to allow it to consider any remaining complaints currently with the SCT that are unable to be finalised prior to the SCT ceasing operations. The amendment also proposes to allow AFCA to consider any matters that are before the Federal Court on appeal from the SCT that are not finalised prior to SCT ceasing operations and require remittal back to be determined again or finalised in accordance with the Court’s decisions.
The proposed changes will not otherwise affect what complaints AFCA can consider.
AFCA is also proposing two additional minor technical changes to the Rules to clarify which Australian Bureau of Statistics reports are used to index AFCA’s monetary limits, and to correct a reference to legislation.
Consumers, small businesses, financial firms and other stakeholders are invited to review the proposed changes and make a submission to the consultation.
Following the consultation, the proposed amendments to the Rules will be provided to the Australian Securities and Investments Commission for review and approval. It is anticipated that the amended Rules will be released by January 2021.