The Australian Securities and Investments Commission (ASIC) has released an updated draft regulatory guide on oversight of the Australian Financial Complaints Authority (AFCA), the new government-appointed disputes resolution body.

The regulator is consulting for five weeks on a limited number of policy issues, including whether businesses need transitional relief from external dispute resolution disclosure obligations.

“We believe clarity about ASIC’s policy approach at this stage of the transition will assist all stakeholders,” Deputy Chairman Peter Kell said. “It will also enable ASIC to take into account and respond to any emerging issues that arise during the transition period.”

The regulator will finalise its guidance to coincide with AFCA’s commencement, which will be no later than November 1. Download the consultation paper here.