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Treasury begins AFCA review after COVID delay

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Treasury has started a review of the Australian Financial Complaints Authority (AFCA) after the scheduled process was delayed last year due to the coronavirus pandemic.

AFCA opened its doors in November 2018 as a one-stop shop for financial complaints, with a review due to take place 18 months after it commenced operations.

Terms of reference released last week say issues to be considered include the monetary limits on claims and remedies and whether AFCA should have an internal system where its decisions can be reviewed.

The review will also examine AFCA’s performance in resolving complaints in a way that is fair, efficient, timely and independent.

AFCA CEO and Chief Ombudsman David Locke says the organisation represents a significant reform in financial services complaints resolution.

“AFCA welcomes the opportunity to make a submission and put forward our views of how external dispute resolution for the financial services industry can be further improved,” he said.

The review will report to the Minister for Superannuation, Financial Services and the Digital Economy Jane Hume by June 30 and it will then be tabled in Parliament within 15 sitting days.

Submissions are due by March 26. More details are available here.