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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.


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

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