The Australian Securities and Investments Commission (ASIC) has approved the Australian Financial Complaints Authority (AFCA) complaint resolution scheme rules and independent assessor terms of reference.

ASIC approval for material changes to the scheme, which will commence in November, is required under the Corporations Act.

“AFCA will provide consumers and small business with access to fair, free and independent complaint resolution,” AFCA Board Chairman Helen Coonan said.

“ASIC’s approval… is an important milestone prior to AFCA starting its service from 1 November.”