Approval of material changes to the AFCA scheme
(1) AFCA may request ASIC to approve a material change to the AFCA scheme. Note 1: A material change must not be made to the scheme without ASIC’s approval (see paragraph 1051(5)(b)). Note 2: This right to make requests extends to any application of the AFCA scheme in relation to members of the scheme that are not providers of financial products or services. (2) ASIC may, by written notice given to AFCA, approve the change. (3) In considering whether to approve the change, ASIC must take into account the following in relation to the scheme as it is proposed to be changed: (a) the mandatory requirements for the scheme under section 1051; (b) the general considerations for the scheme under section 1051A; (c) any conditions imposed by the Minister on the authorisation of the scheme under paragraph 1050(5)(b); (d) any regulatory requirements issued under section 1052A.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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