The Australian Financial Complaints Authority (AFCA) has published updated Rules and Operational Guidelines for the AFCA scheme, effective 12 March 2026, following consultation and Australian Securities and Investments Commission (ASIC) approval. The changes broaden AFCA’s ability to deal with certain scam-related disputes, add a new mechanism to publicly identify firms that do not comply with AFCA Determinations, and update requirements affecting paid representatives and legacy complaint provisions. AFCA’s jurisdiction now includes investigating scam-related complaints involving receiving banks and unauthorised accounts opened by scammers in the complainant’s name, reflecting a Federal Government change to AFCA’s Authorisation Conditions. The updates also introduce Rule A.11.6 to allow AFCA to publish the names of financial firms that fail to comply with AFCA Determinations, remove the legacy complaints provisions in Section F, and make a minor Operational Guidelines clarification on AFCA’s interpretation of a “small business credit facility” to align with AFCA Rule C.1.3(b). Stakeholder feedback was incorporated from 39 formal submissions and broader engagement during the 2025 public consultation.
Australian Financial Complaints Authority 2026-03-12
Australian Financial Complaints Authority updates scheme rules to expand scam complaint jurisdiction and name firms that ignore determinations
The Australian Financial Complaints Authority (AFCA) has updated its Rules and Operational Guidelines, effective 12 March 2026, expanding its jurisdiction to include scam-related disputes and introducing a mechanism to publicly identify non-compliant firms. Approved by the Australian Securities and Investments Commission, the updates remove legacy complaint provisions and clarify the definition of a "small business credit facility." These changes follow stakeholder feedback from 39 submissions during the 2025 public consultation.