In July 2023 AFCA began consultations on a draft Responsible Lending Approach. This is the proposed approach to responsible lending complaints with the objective to provide greater clarity around what to expect during the resolution process, greater transparency about the way investigations and decisions are made, and to ensure the ombudsman delivers consistency in outcomes.
AFCA sought feedback on their proposed approach which includes:
We believe that this consultation process is an important opportunity to provide feedback on AFCA’s proposed approach to ensure that it is fair and transparent for all parties. We are committed to supporting financial firms in their review process and believe timely, accurate, consistent and fair outcomes can only be achieved across the industry if detailed and transparent guidance is provided by AFCA in their proposed approach. This is why we have submitted a detailed response to the consultation paper.
The Deloitte feedback has concentrated on the following key areas:
Should you wish to further discuss our response or the draft standard, please get in contact with our team - Daniel Nott Partner, Audit and Assurance Treasury and Capital Markets and Indhika Murugathas Senior Manager, Audit and Assurance