Gobierno australiano consulta sobre nuevo marco de resolución de disputas para el sector financiero
El gobierno invita a comentarios sobre asuntos como la carga regulatoria relacionada con las nuevas reglas y los límites de compensación para ciertos productos financieros.
As FinanceFeeds reported last week, the Australian government has revealed plans to establish a one-stop-shop for financial dispute resolution. All financial services companies, including Forex and CFD brokers, will have to become members of the new body, called the Australian Financial Complaints Authority (AFCA). The take-over of the financial defender service, the credit and investment defender service and the Pension Complaints Court is set to start operating on July 1, 2018.
Today, the Australian government launched a public consultation on the new dispute resolution framework. This includes the Bill 2017 of the Amendment to the Laws of the Treasury (Resolution of External Disputes) and the Regulation of the Resolution of External Disputes 2017.
A consultation paper has also been released to seek feedback on a number of issues, including whether compensation limits for certain financial products, such as mortgages and general insurance products, should immediately jump to $ 1 million upon launching AFCA.
Feedback has been requested from the government on the implications of removing the requirement that loan officers be members of the new EDR body.
The government is concerned about the regulatory impact of the new EDR framework for the industry
Areas where the government expects an increase in the regulatory burden for the industry include:
- Updating of the dissemination material
- Staff training
- The obligation for pension funds to be members of a scheme
- Businesses that have to deal with a higher number of complaints as a result of increased claim limits
- The cost of providing IDR data to ASIC.
The Australian Government invites all interested parties to make a presentation by June 14, 2017. AFCA will be based on an Advocacy model and will be established by the industry as a company limited by guarantee. It will operate under a co-regulatory framework. This means that while the AFCA board will make its own decisions regarding funding, personnel and dispute resolution processes, it must comply with the legislative and regulatory requirements set by the government and the ASIC.