AST AFCA Fairness Jurisdiction Project


On May 11, AFCA issued fairness jurisdiction project outcomes report.


  • AST AFCA published outcomes report following completed fairness jurisdiction project.
  • Follows AFCA Nov. 2021 welcomed independent review report release, see #122214.
  • Report Overview
  • Report on AFCA's work to ensure its fairness jurisdiction is well understood, applied consistently and independently, in a way that is fair for members and complainants.
  • Concludes the Fairness jurisdiction project, a strategic program of work to develop resources for AFCA staff, members, and complainants, which include the following.
  • Resources
  • New fairness jurisdiction tool which ensures AFCA can discuss important issues for resolution with the parties in plain English; apprehended bias policy to ensure AFCA’s people remain impartial when working with the parties to resolve complaints.
  • New decision templates to clearly explain how AFCA has applied the fairness tests in its complaint handling and why decisions made are fair in all the circumstances.
  • Revised AFCA approach library providing members and complainants with easy-to-understand information about how we handle specific types of complaints.
  • AFCA engagement charter which sets expectations of how parties should engage to ensure a fair process; processes to calculate and capture outcomes once achieved.
  • Next Steps
  • Fairness jurisdiction project outcomes are consistent with AFCA independent review recommendations and will be central to AFCA’s response to recommendation two.
  • AFCA will be: creating a uniform framework for consultation when developing AFCA approach documents, developing a forward-looking mechanism to review approaches.
  • Further enhancing systems, processes and tools to drive efficiency in process and reduce complaint handling times; providing greater clarity about AFCA’s role to assist the parties during the process, including the accessibility of AFCA’s services.
  • Clarifying its jurisdiction in relation to sophisticated investors; and revising its approach to paid representatives and ensuring efficient management of complaints.

Regulators AST AFCA
Entity Types B/D; IA; Ins; Inv Co; Pension
Reference Rp, PR, 5/11/2022
Functions Complaints; Compliance; Financial; HR; Legal; Operations; Reporting; Technology
Countries Australia
Category
State
Products Fund Mgt; Insurance; Insurance-Life; Pensions; Retirement Plan; Securities
Regions AP
Rule Type Guidance
Rule Date 5/11/2022
Effective Date 5/11/2022
Rule Id 137549
Linked to
Reg. Last Update 5/11/2022
Report Section International

Last substantive update on 05/12/2022