The Australian Securities and Investments Commission (ASIC) is consulting on updated oversight guidance for the Australian Financial Complaints Authority (AFCA) ahead of its expanded jurisdiction under the Scams Prevention Framework (SPF). The framework commences on 31 March 2027, with AFCA to consider complaints about scams involving banking, telecommunications and digital platforms, the initial sectors covered. The proposed revisions to Regulatory Guide 267 preserve ASIC’s core oversight expectations while clarifying the distinction between legislative requirements, AFCA’s scheme rules and ASIC’s expectations. Content already covered by AFCA’s scheme rules approved by ASIC would be removed, while references central to AFCA’s operation and legal obligations would remain. This would be the first substantive update to the guidance since AFCA was established in 2018. Further revisions may reflect AFCA’s final scheme rules for complaints about scams and other settings relating to scams.
Australian Securities and Investments Commission consults on complaints authority oversight guidance ahead of expanded scams remit
The Australian Securities and Investments Commission is seeking feedback on revised guidance for overseeing the Australian Financial Complaints Authority ahead of its expanded scams jurisdiction under the Scams Prevention Framework, which commences on 31 March 2027. The framework initially covers banking, telecommunications and digital platforms. The proposals retain core oversight expectations while clarifying the distinction between legal requirements, scheme rules and ASIC’s expectations, and removing content already covered by approved scheme rules.