House of Representatives
Treasury Laws Amendment (Putting Consumers First-Establishment of the Australian Financial Complaints Authority) Bill 2017
Revised Explanatory Memorandum
(Circulated by authority of the Minister for Revenue and Financial Services, Minister for Women and the Minister Assisting the Prime Minister for the Public Service, the Hon Kelly O'Dwyer MP)This memorandum takes account of amendments made by the Senate to the bill as introduced.
Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| AFCA | Australian Financial Complaints Authority |
| AFS licensee | Australian financial services licensee |
| APRA | Australian Prudential Regulation Authority |
| ASIC | Australian Securities and Investments Commission |
| CIO | Credit and Investments Ombudsman |
| Corporations Act | Corporations Act 2001 |
| EDR | External dispute resolution |
| EPSSS | Exempt public sector superannuation scheme |
| Financial Firms | Australian financial services licensees, unlicensed product issuers, unlicensed secondary sellers, Australian credit licensees, credit representative s, regulated superannuation funds (other than self-managed superannuation funds), approved deposit funds, retirement savings account providers, annuity providers, life policy funds and insurers |
| FOS | Financial Ombudsman Service |
| IDR | Internal dispute resolution |
| IDR Firms | Firms that are required to participate in the enhanced IDR framework |
| Ramsay Review | Review of the financial system external dispute resolution and complaints framework |
| RSA | Retirement savings account |
| RSA Act | Retirement Savings Accounts Act 1997 |
| SCT | Superannuation Complaints Tribunal |
| SIS Act | Superannuation Industry (Supervision) Act 1993 |
| SMSF | Self-managed superannuation fund |
| Superannuation Complaints Act | Superannuation (Resolution of Complaints) Act 1993 |
| ToR | Terms of Reference |
| TPD | Total and permanent disability |