The Australian Securities and Investments Commission (ASIC) has opened consultation on revised guidance for its oversight of the Australian Financial Complaints Authority (AFCA). The complaints body is preparing to hear scam disputes under the Scams Prevention Framework (SPF) from 31 March 2027.
AFCA takes on the new jurisdiction with complaint volumes already at record levels. AFCA’s 2025–26 Annual Review on rising complaints shows it received 119,949 complaints in 2025–26, the third straight year above 100,000. Over the same period, scam-related complaints rose 12% to 6,706.
The federal government introduced the SPF to strengthen consumer protections across several sectors. Banking, telecommunications, and digital platforms are the first in scope, and AFCA will hear scam complaints relating to all three.
In June 2026, the Assistant Treasurer and Minister for Financial Services authorised AFCA to handle external disputes over scam losses. AFCA has since concluded its consultation on the Scams Prevention Framework rules that will govern those cases.
The SPF builds on powers AFCA already holds. Since 12 March 2026, ASIC-approved rule changes covering receiving banks and mule accounts have allowed it to examine the role of receiving banks and mule accounts in scam complaints.
ASIC’s oversight of AFCA rests on specific provisions of the Corporations Act 2001. The current RG 267 guidance on AFCA oversight sets out AFCA’s legislative and governance requirements alongside ASIC’s own powers and functions. The proposed changes, released on 27 October 2026, reflect AFCA’s expanded remit under the SPF.
“This is the first substantive update to RG 267 since AFCA was established in 2018,” ASIC said in its announcement.
ASIC has trimmed the guide to avoid duplicating AFCA’s own rulebook, saying it wants to “simplify the guidance and ensure that it remains clear and current”. References it considers essential to AFCA’s operation and legal obligations stay in.
The regulator’s core oversight expectations are unchanged, and it said the revised guide “more clearly distinguishes between legislative requirements, AFCA’s scheme rules and ASIC’s expectations”.
Submissions close at 5pm AEDT on 24 November. Even then, the guide may not be final: ASIC flagged that RG 267 could be revised again to reflect AFCA’s final scam scheme rules and other scam-related settings.
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