ASIC has published a draft updated guide to its Oversight of the Australian Financial Complaints Authority for public consultation, although it's a series of tweaks rather than a full-scale revision. ASIC said it will finalise any updates to its guidance to coincide with AFCA's commencement.That means the consultation period should be a brief one, as the Minister for Financial Services, Kelly O'Dwyer, has flagged her expectation that AFCA will commence operations no later than 1 November 2018. There are a number of transitional steps that need to take place before AFCA commences, including that:•    the Minister will authorise AFCA; and•    the AFCA Board will consult on the scheme's terms of reference."ASIC is consulting for a period of five weeks on a limited number of policy issues. This includes whether firms need any transitional relief from external dispute resolution disclosure obligations. We invite responses to our consultation by 6 April 2018," said ASIC deputy chair, Peter Kell.There has already been extensive public consultation on these reforms through the progress of the Review of the financial system external dispute resolution and complaints framework led by Professor Ian Ramsay, as well as the release of a Treasury consultation paper on the establishment of AFCA in November 2017.Download the consultation paper and draft regulatory guide.