{"id":46072,"date":"2019-08-27T09:47:26","date_gmt":"2019-08-26T23:47:26","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=46072"},"modified":"2019-08-27T20:33:43","modified_gmt":"2019-08-27T10:33:43","slug":"afca-given-permission-to-name-names","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/08\/27\/afca-given-permission-to-name-names\/","title":{"rendered":"AFCA Given Permission to Name Names"},"content":{"rendered":"<p>A release by ASIC this week notes it has approved changes to the <a href=\"https:\/\/www.afca.org.au\/\" target=\"_blank\" rel=\"noopener\">Australian Financial Complaints Authority<\/a> rules to allow the Authority to name financial firms in its published determinations.<\/p>\n<p><!--more-->The regulator says its position is that naming firms in determinations can:<\/p>\n<ul>\n<li>Help identify conduct or market problems within firms or affecting specific products or services<\/li>\n<li>Highlight where firms have done the right thing<\/li>\n<li>Enhance transparency and accountability of firms\u2019 performance in complaints handling and of AFCA\u2019s own decision-making<\/li>\n<\/ul>\n<p>To support the new Rules, AFCA will shortly be issuing updated operational guidelines which set out examples of the circumstances in which a determination naming a financial firm would not be published.<\/p>\n<p>ASIC reported AFCA received 35,263 complaints in its first six months of its operation and that about 4,500 &#8211; 5,000 complaints are currently expected to be finalised each year by way of determination:<\/p>\n<p>&#8220;While the publication of determinations has been a longstanding feature of the external dispute resolution schemes in Australia, the names of firms involved in financial services, superannuation and credit complaints have not been published to date,&#8221; noted ASIC, which added that consumers who are party to a complaint will continue to remain anonymous in all determinations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A release by ASIC this week notes it has approved changes to the Australian Financial Complaints Authority rules to allow the Authority to name financial firms in its published determinations.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-46072","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-compliance-regulation"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=46072"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46072\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=46072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=46072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=46072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}