The Australian Securities and Investments Commission (ASIC) is consulting on updated guidance for its oversight of the Australian Financial Complaints Authority (AFCA).

The proposed changes to Regulatory Guide 267 (RG 267) reflect AFCA’s expanded jurisdiction under the Scams Prevention Framework (SPF). The SPF commences on 31 March 2027.

AFCA will consider scam-related complaints in banking, telecommunications and digital platforms, the initial sectors under the framework.

This is the first substantive update to RG 267 since AFCA’s establishment in 2018. The update also draws on operational experience and aims to simplify the guide.

As part of this, ASIC proposes to remove some content now covered by AFCA’s ASIC-approved scheme rules.

However, it keeps references to rules it considers key to AFCA’s operation and its ability to meet legal obligations.

The update preserves ASIC’s core oversight expectations. At the same time, it draws a clearer line between legislative requirements, AFCA’s scheme rules and ASIC’s own expectations.

ASIC further proposes to remove detailed information on financial firms’ AFCA membership obligations.

This change clarifies that RG 267 focuses on ASIC’s oversight of AFCA. ASIC instead intends to set out these requirements, including cooperation with AFCA, on its dispute resolution webpages.

No consultation paper accompanies this update. ASIC invites feedback on whether the revised guidance is clear to users, along with any suggested changes.

Where possible, respondents should include reasons or examples.

While ASIC oversees AFCA, the scheme remains independent. Its internal processes and complaint management fall outside the scope of RG 267.

The draft guide and a summary of changes are available on the ASIC website.

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