Skip to main content

CS 66 Proposed update to ASIC’s guidance on AFCA oversight

simple consultation – 66

Released 27 October 2026. Comments close 24 November 2026.

We are proposing to update Regulatory Guide 267 Oversight of Australian Financial Complaints Authority (RG 267) to ensure it remains clear and current.

The proposed updates to RG 267 include changes to:

  • reflect AFCA’s expanded jurisdiction under the Scams Prevention Framework (SPF), when it commences on 31 March 2027
  • provide guidance informed by operational experience, and
  • simplify and streamline the overall guide.

This is the first substantive update to RG 267 since AFCA was established in 2018.

The update preserves ASIC’s core oversight expectations and more clearly distinguishes between legislative requirements, AFCA’s scheme rules and ASIC’s expectations.

To simplify the guidance and ensure it remains adaptable over time, we have removed some content that is now covered by AFCA’s ASIC-approved scheme rules for complaint resolution. Where references to the scheme rules have been retained, we consider they are key to AFCA’s operation and its ability to meet its obligations under the law.

We have also removed detailed information on financial firms’ AFCA membership obligations, to clarify that RG 267 is focused on ASIC’s oversight of AFCA. We intend to update ASIC’s existing dispute resolution webpages to set out information on firms’ AFCA-related requirements, including membership obligations and requirements to cooperate with AFCA.

A consultation paper has not been issued for this consultation.

See Related information for a copy of the draft updated RG 267 (Attachment 1 to CS 66) and a summary of the key proposed changes (Attachment 2 to CS 66).

Providing feedback

We invite feedback on our proposed update to RG 267, particularly on:

  • whether the revised guidance is clear to its users, and
  • any suggested changes or clarifications.

Please provide reasons or examples where possible.

The purpose of this update is to ensure RG 267 remains clear and current. While ASIC has an oversight role over AFCA, the scheme remains independent and responsible for its own internal processes and the management of complaints. Matters related to AFCA's internal processes or management of complaints are outside the scope of RG 267.

You should send your submission to rri.consultation@asic.gov.au by 5 pm AEDT Tuesday 24 November 2026.

You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous, we will not be able to contact you to discuss your feedback should we need to.

We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential.

Please see our privacy policy for more information on how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ASIC.

Background

AFCA is a free, fair and independent dispute resolution scheme. Established in 2018 as the single dispute resolution body for the financial services sector, 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 external dispute resolution (EDR) scheme for scam-related complaints under the SPF: see AFCA to handle external disputes over scam losses on the Treasury website. From 31 March 2027, AFCA will consider scam-related complaints in relation to the initial sectors that will come under the SPF – banking, telecommunications and digital platforms.

AFCA recently concluded consultation on its proposed scheme rules, which will apply to scam-related complaints: see AFCA scams prevention framework rules consultation on the AFCA website. Content in RG 267 may be further revised to reflect the final AFCA scheme rules for scam-related complaints and other scam-related settings.

We intend to publish the final RG 267 (and the revised dispute resolution webpages) by 31 March 2027 (to align with SPF commencement).

Related information