The Government announced a review of the Australian Financial Complaints Authority (AFCA) on 19 February 2021. The review is independent of AFCA and is being conducted by Treasury, with a report to be finalised and presented to the Minister by 30 June 2021. 

You can read the Government’s announcement here.

AFCA welcomed the announcement of the terms of reference for the scheduled review of its functions and performance.

“The establishment of AFCA represented significant reform of financial services complaints resolution in Australia,” Chief Ombudsman and CEO David Locke said.

“We are proud of all that AFCA has achieved in the space of two years. 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."

Further information is available on the Treasury website.