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AFCA names code compliance head

The financial complaints body has recruited a new leader for its compliance and monitoring team.

Prue Monument has joined the Australian Financial Complaints Authority (AFCA) as general manager of code compliance and monitoring and has also become the new chief executive of the banking code compliance committee (BCCC).

Rene van de Rijdt, who has been acting in the code compliance general role since March, has taken up the new position of deputy general manager.

At AFCA, the Banking Code of Practice, the Customer Owned Banking Code of Practice, the General Insurance Code of Practice, the Insurance Brokers Code of Practice, and the Life Insurance Code of Practice are each monitored by an independent code compliance committee.

The code compliance and monitoring team monitors code activities and investigates alleged code breaches on behalf of the committees.

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Ms Monument has come to AFCA from higher education regulator Tertiary Education Quality and Standards Agency, where she was executive director, quality assurance and regulatory operations.

She was previously director of compliance at the Australian Charities and Not-for-profits Commission.

She has also held senior roles in the Department of Immigration and Border Protection, including as national manager of the allegations assessment team.

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

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

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Ms Monument added: “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.”

[Related: APRA to raise capital required against interest-only mortgages]

AFCA names code compliance head
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