ASIC is consulting on proposed updated guidance for its oversight of the Australian Financial Complaints Authority (AFCA) ahead of the incoming Scams Prevention Framework (SPF).
The updates to Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority (RG 267) reflect AFCA’s expanded jurisdiction under the SPF when it commences on 31 March 2027.
The SPF was introduced by the Australian Government to strengthen consumer protections across multiple sectors, including banking.
AFCA will consider scam-related complaints in relation to the initial sectors that will come under the Framework – banking, telecommunications and digital platforms.
This is the first substantive update to RG 267 since AFCA was established in 2018.
ASIC has made updates to simplify the guidance and ensure that it remains clear and current.
ASIC’s proposed updates remove some content that is now covered by AFCA’s ASIC-approved scheme rules for complaints resolution. It retains references to the scheme rules that we consider are key to AFCA’s operation and its ability to meet its obligations under the law.
The update preserves ASIC’s core oversight expectations and more clearly distinguishes between legislative requirements, AFCA’s scheme rules and ASIC’s expectations.
A copy of the proposed updated RG 267 and a summary of the changes are available below.
Download
CS 66 Proposed update to ASIC’s guidance on AFCA oversight
Providing feedback
Please send your feedback to rri.consultation@asic.gov.au by 5pm AEDT on 24 November 2026.
Background
AFCA is a free, fair and independent dispute resolution scheme. AFCA was established as the single dispute resolution body for the financial services sector in 2018 and since then its jurisdiction has expanded. AFCA received over 100,000 complaints in each of the last three years.
ASIC’s oversight role is defined by specific statutory provisions in the Corporations Act 2001. RG 267 explains AFCA’s legislative and governance requirements as well as ASIC’s oversight powers and functions.
In June 2026, the Assistant Treasurer and Minister for Financial Services, authorised AFCA as the EDR scheme for scams complaints under the SPF: see AFCA to handle external disputes over scam losses.
AFCA recently concluded consultation on its proposed scheme rules which will apply to scams-related complaints: see AFCA Scams Prevention Framework Rules consultation. Content in RG 267 may be further revised to reflect the final AFCA scheme rules for scam-related complaints and other scam-related settings.
ASIC is Australia’s corporate, markets and financial services regulator.