The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, announced the authorisation of Australian Financial Complaints Limited to run the new national financial dispute resolution scheme: the Australian Financial Complaints Authority (AFCA).
Minister O’Dwyer said that the AFCA will have “expertise to deal with all disputes across the entire financial services industry, including superannuation and small business lending disputes.” The scheme is designed so that consumers can go to the “one place” for the resolution of any kind of financial complaint.
Operating under significantly higher monetary limits and compensation caps, the AFCA is set to commence accepting complaints from 1 November 2018, with financial firms being required to become members by 21 September 2018. All Australian Financial Services Licensees, Australian Credit Licensees, superannuation trustees and other financial firms will also be required to become members.
Once the AFCA Board is up and running, its immediate priority will be the commencement of public consultation on the AFCA terms of reference and the funding model. In the interim period, consumers can continue to lodge their complaints with existing schemes?—?the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT).
Latest posts by Team Nexus APAC (see all)
- MUCH MORE NEEDED TO CLOSE THE GAP - February 15, 2019
- HAKEEM RETURNS HOME - February 15, 2019
- MEDIVAC BILL - February 15, 2019
