The Australian Securities and Investments Commission has approved the Australian Financial Complaints Authority Complaint Resolution Scheme Rules and the terms of reference of an independent assessor for that scheme.

ASIC is required to approve all significant changes to the AFCA scheme as per the Corporations Act 2001. This is a result of public consultation and feedback. The aim is to provide consumers with access to fair, free and independent complaint resolution and to restore trust and confidence in the financial services industry.

It is a statutory requirement that financial firms, including most credit representatives, that deal with retail clients must join the AFCA scheme by 21 September. Almost all Financial Ombudsman Scheme members have effectively transferred their membership to AFCA. About 80% of members of the Credit and Investments Ombudsman Scheme and about 64% of superannuation (pension) trustees and retirement savings accounts providers have also joined up.