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Insurers complete transition to AFCA

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All insurers that were members of the Financial Ombudsman Service have successfully shifted to the Australian Financial Complaints Authority (AFCA), a spokeswoman for the new dispute body says.

Companies were required to join AFCA and update membership details with the Australian Securities and Investments Commission by last Friday.

“Insurance is one of the most common products we receive complaints about, and AFCA is committed to working proactively with our members to create a valued experience that helps members improve internal practices to avoid or resolve disputes,” the spokeswoman told insuranceNEWS.com.au.

AFCA has more than 36,000 members in total, also including banks, credit providers, financial advisers, debt collection agencies and superannuation trustees.