The Australian Financial Complaints Authority (AFCA) will proceed with its plan to publish the names of insurers and other financial services providers involved in consumer disputes.

It is now working on a start date for the new rule to take effect, in consultation with the Australian Securities and Investments Commission (ASIC), which has approved the AFCA rule change.

Chief Ombudsman and CEO David Locke says naming financial firms in AFCA’s published determinations will rebuild public confidence after the Hayne royal commission found widespread misconduct in the financial services sector.

“We already publish decisions on our website, but we have been unable to name the financial firms involved,” Mr Locke said. “We welcome ASIC’s approval to change our rules, which will allow us to now name financial firms in decisions we publish on our website.

“This is an important change, and the public will now be able to access increased information about the actions of financial firms.

“AFCA plays an important public role and we recognise that transparency in our data and decisions is essential to rebuilding trust in the financial sector.”

AFCA ran a “limited consultation” with stakeholders after revealing the plan last April in its newsletter.

When the change was first flagged, the Insurance Council of Australia expressed concerns that insurers with significantly larger market share may be unfairly disadvantaged.

Spokesman Campbell Fuller told insuranceNEWS.com.au today the group’s members are aware of the rule change.

He has previously warned that “naming insurers without context risks creating unjustified reputational damage”.

“The naming of insurers should be guided by relevant metrics and context. This would ensure dispute information is relevant to both consumers and industry.”