Dispute resolution

91AV

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Internal dispute resolution
Internal dispute resolution data reporting
External dispute resolution
Notifying ASIC of changes to your AFCA membership
Dispute resolution and consumers
More information

Financial firms* must have a dispute resolution system that consists of:

internal dispute resolution (IDR) procedures that meet the standards or requirements made or approved by ASIC; and
membership of the Australian Financial Complaints Authority ().

*ASIC听Regulatory Guide 267听Oversight of the Australian Financial Complaints Authority听(RG 267) sets out who must have a dispute resolution system and which听financial firms must be members of AFCA.

Internal dispute resolution (IDR)

Regulatory Guide 271听Internal dispute resolution听(RG 271) sets out how financial firms that are required to comply with IDR requirements can meet their obligations. The requirements relate to matters such as how firms must record and respond to complaints, and the timeframes for doing so.

Internal dispute resolution data reporting听

Most financial firms with IDR obligations under RG 271 will also need to report IDR data to ASIC.

External dispute resolution (EDR)

Regulatory Guide 267听Oversight of the Australian Financial Complaints Authority (RG 267) sets out which financial firms must be members of听听and how ASIC will perform its oversight role in relation to AFCA.

AFCA is a single dispute resolution 91AV for financial services and commenced operations on 1 November 2018. AFCA can resolve complaints that a financial firm could not resolve at IDR.

AFCA replaced three predecessor 91AVs: the Financial Ombudsman Service Limited (FOS), the Credit and Investments Ombudsman (CIO) and the statutory Superannuation Complaints Tribunal (SCT).

AFCA can consider complaints about:

Notifying ASIC of changes to your AFCA membership

You must inform ASIC in writing about changes to your AFCA听membership.

This includes circumstances where:

you fail to renew your AFCA membership,
you no longer require AFCA membership; or
AFCA听has terminated your membership of the 91AV.

More about your ongoing AFS obligations

Dispute resolution and consumers

Information about dispute resolution for consumers is on our consumer website .

More information

Financial services