Treasury Laws Amendment (AFCA Cooperation) Regulations 2019 (F2019L00537)

Schedule 1   Amendments

Corporations Regulations 2001

1   After regulation 7.6.03B

Insert:

7.6.03C Financial services licensee must cooperate with AFCA

(1) For the purposes of paragraph 912A(1)(j) of the Act, a financial services licensee that is required by paragraph 912A(1)(g) of the Act to be a member of the AFCA scheme must comply with the obligation in subregulation (2).

(2) The licensee must take reasonable steps to cooperate with AFCA in resolving any complaint under the AFCA scheme to which the licensee is a party, including by:

(a) giving reasonable assistance to AFCA in resolving the complaint; and

(b) identifying, locating and providing to AFCA any documents and information that AFCA reasonably requires for the purposes of resolving the complaint; and

(c) giving effect to any determination made by AFCA in relation to the complaint.

(3) Subregulation (2) does not apply to superannuation complaints.

Note: For provisions relating to superannuation complaints, see Division 3 of Part 7.10A of the Act.