The Australian Financial Complaints Authority (AFCA) has published its Consultation Response Paper, non-confidential submissions and marked-up updated Rules following the Australian Securities and Investments Commission’s formal approval of the proposed changes, with the new Rules taking effect on 12 March 2026. The approved amendments expand AFCA’s jurisdiction for scam complaints to cover receiving banks and mule accounts, strengthen oversight of paid representatives through mandatory use of AFCA’s consumer portal, and allow publication of the names of financial firms that fail to comply with AFCA Determinations. The changes also remove Section F, which related to legacy complaints. Consultation ran from 19 May to 13 June 2025 and generated 39 submissions across firms, paid representatives, consumer groups, industry bodies and individuals, with feedback described as broadly supportive and used to refine the final Rules. AFCA will share the published materials with stakeholders, including all parties that made a submission, ahead of the 12 March 2026 commencement.
Australian Financial Complaints Authority 2025-11-28
Australian Financial Complaints Authority publishes ASIC-approved Rules expanding scam complaint jurisdiction from 12 March 2026
The Australian Financial Complaints Authority (AFCA) has released its Consultation Response Paper and updated Rules, effective 12 March 2026, following approval by the Australian Securities and Investments Commission. Key changes include expanded jurisdiction for scam complaints, enhanced oversight of paid representatives, and the removal of Section F on legacy complaints, with feedback from 39 submissions broadly supportive.