AFCA announces new head of code compliance

The Australian Financial Complaints Authority (AFCA) confirmed on Tuesday (30 November) that Prue Monument will take on the general manager role, as well as chief executive of the banking code compliance committee.

Ms Monument will join AFCA from higher education regulator, the Tertiary Education Quality and Standards Agency, where she worked as executive director, quality assurance and regulatory operation.

As well as previously serving as director of compliance at the Australian Charities and Not-for-profits Commission, Ms Monument has also held senior roles in the Department of Immigration and Border Protection, including national manager in its allegations assessment team.

“I’m thrilled to have joined the AFCA team and look forward to supporting the important work the five Code committees do in building firms’ compliance capabilities and protecting the interests of consumers,” Ms Monument said.

Rene van de Rijdt, who has been acting general manager of code compliance and monitoring since March, will take on the deputy general manager position.

“Prue brings to the team extensive regulatory and self-regulatory experience, and a strong focus on practice improvement and public benefit,” AFCA CEO and chief ombudsman David Locke said.

“She will ensure that both financial firms and consumers benefit from the work the code team does to monitor and influence good industry practice.”

The news comes after an independent review into AFCA’s financial dispute resolution service released last week found that the ombudsman is “operating effectively and meeting its statutory requirements”.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.