Guide to Systemic Issues

AFCA’s role in addressing systemic issues The focus of AFCA’s involvement in systemic issues is to identify, report, investigate and resolve systemic issues ensuring the issue won’t reoccur, and that consumers are compensated when necessary. [...] After reporting a matter to ASIC, AFCA continues to work with the financial firm to ensure a systemic issue is resolved and consumer harm is addressed. [...] Guide to Systemic Issues Page 4 of 9 Systemic issues in summary Systemic issues are issues within a financial firm that impact more than one consumer or small business. [...] Systemic issues in detail What is a systemic issue? A systemic issue is one that is likely to have an effect on consumers or small businesses in addition to any complainant. [...] • The complaint is about a financial firm’s conduct and whether it breaches a law or obligation owed to the consumer, the financial firm’s own policies and procedures and/or an agreed service standard and the conduct may have impacted a broader group of consumers or small businesses.