Require financial firms to cooperate with the Australian Financial Complaints Authority (AFCA) On 4 April 2019, regulations were made requiring all compulsory AFCA members to take reasonable steps to cooperate with AFCA in the resolution of disputes.
Tag: step
6.10 — Co operation memorandum
ASIC and APRA should prepare and maintain a joint memorandum setting out how they intend to comply with their statutory obligation to co‑operate. The memorandum should be reviewed biennially and each of ASIC and APRA should report each year on Read More …
5.6 — Changing culture and governance
All financial services entities should, as often as reasonably possible, take proper steps to: assess the entity’s culture and its governance; identify any problems with that culture and governance; deal with those problems; and determine whether the changes it has Read More …
4.11 — Co operation with AFCA
Section 912A of the Corporations Act should be amended to require that AFSL holders take reasonable steps to co‑operate with AFCA in its resolution of particular disputes, including, in particular, by making available to AFCA all relevant documents and records Read More …
1.16 — 2019 Banking Code
In respect of the Banking Code that ASIC approved in 2018, the ABA and ASIC should take all necessary steps to have the provisions that govern the terms of the contract made or to be made between the bank and Read More …
Culture, governance and remuneration
Because primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who manage and control them, effective leadership, good governance and appropriate culture within the entities are fundamentally important. And culture, governance and remuneration Read More …
Other important steps
Culture and governance
Recommendation 5.6 – Changing culture and governance All financial services entities should, as often as reasonably possible, take proper steps to: assess the entity’s culture and its governance; identify any problems with that culture and governance; deal with those problems; Read More …
External dispute resolution
Recommendation 4.11 – Co-operation with AFCA Section 912A of the Corporations Act should be amended to require that AFSL holders take reasonable steps to co-operate with AFCA in its resolution of particular disputes, including, in particular, by making available to Read More …
Status of industry codes
Recommendation 4.9 – Enforceable code provisions As referred to in Recommendation 1.15, the law should be amended to provide for enforceable provisions of industry codes and for the establishment and imposition of mandatory industry codes. In respect of the Life Read More …