Dispute resolution
- Internal dispute resolution
- Internal dispute resolution data reporting
- External dispute resolution
- Notifying ob体育 of changes to your AFCA membership
- Dispute resolution and consumers
- More information
Financial firms* must have a dispute resolution system that consists of:
- internal dispute resolution (IDR) procedures that meet the standards or requirements made or approved by ob体育; and
- membership of the Australian Financial Complaints Authority ().
*ob体育聽Regulatory Guide 267聽Oversight of the Australian Financial Complaints Authority听(RG 267) sets out who must have a dispute resolution system and which聽financial firms must be members of AFCA.
Internal dispute resolution (IDR)
Regulatory Guide 271聽Internal dispute resolution听(RG 271) sets out how financial firms that are required to comply with IDR requirements can meet their obligations. The requirements relate to matters such as how firms must record and respond to complaints, and the timeframes for doing so.
Internal dispute resolution data reporting聽
Most financial firms with IDR obligations under RG 271 will also need to report IDR data to ob体育.
External dispute resolution (EDR)
Regulatory Guide 267聽Oversight of the Australian Financial Complaints Authority (RG 267) sets out which financial firms must be members of聽聽and how ob体育 will perform its oversight role in relation to AFCA.
AFCA is a single dispute resolution scheme for financial services and commenced operations on 1 November 2018. AFCA can resolve complaints that a financial firm could not resolve at IDR.
AFCA replaced three predecessor schemes: the Financial Ombudsman Service Limited (FOS), the Credit and Investments Ombudsman (CIO) and the statutory Superannuation Complaints Tribunal (SCT).
AFCA can consider complaints about:
Notifying ob体育 of changes to your AFCA membership
You must inform ob体育 in writing about changes to your AFCA聽membership.
This includes circumstances where:
- you fail to renew your AFCA membership,
- you no longer require AFCA membership; or
- AFCA聽has terminated your membership of the scheme.
More about your ongoing AFS obligations
Dispute resolution and consumers
Information about dispute resolution for consumers is on our consumer website .