Why ASIC Will Not Receive Some Scam Reports Under Its Draft AFCA Guide
By Damian Chmiel
AI summary of the source article
ASIC has proposed updates to Regulatory Guide 267 regarding oversight of the Australian Financial Complaints Authority. Under the draft, AFCA scam reports involving telecoms and digital platforms will be routed to other regulators rather than ASIC.
Why it matters
The draft update "prepares the guide for scam disputes against banks, telecoms firms and digital platforms."
Key facts
- Under draft RG 267, scam reports on banks go to ASIC and the ACCC, telecom matters go to ACMA and the ACCC, and digital platform matters go to the ACCC alone.
- Telecoms firms and digital platforms will answer to AFCA starting March 31, 2027.
- ASIC removed the guide's detailed section on financial firms' AFCA membership obligations, moving those duties to dispute resolution web pages.
Source excerpt · Finance Magnates
The Australian Securities and Investments Commission ( ASIC ) today (Tuesday) proposed the first substantive update to its guidance on overseeing the Australian Financial Complaints Authority (AFCA). The draft prepares the guide for scam disputes against banks, telecoms firms and digital platforms. From March 31, 2027, telecoms firms and digital platforms will answer to a scheme built for financia…