AFCA is consulting with members and other stakeholders in March on its proposed new funding model, which will include member webinars with AFCA Chief Ombudsman and CEO David Locke, Chief Operating Officer Justin Untersteiner and PwC Australia’s National Economics and Policy Leader Martin Stokie.
The webinars will take place over two days, with sessions for each product group: banking and finance, general insurance, life insurance, investments and advice, and superannuation.
Each webinar will include detailed information about the design and development of AFCA’s proposed new funding model, and an overview of the key changes and potential impacts on each product group or industry.
Agenda
Thursday 10 March 2022
- Banking and Finance: 10am-11am
- Superannuation: 11:30am-12:30pm
- Investments and Advice: 1pm-2pm
Friday 11 March 2022
- General Insurance: 10am-11am
- Life Insurance: 11:30am-12:30pm
Follow the prompts on Eventbrite to register for your relevant product group webinar.
Please note: These webinars have been designed for financial services provider members, however ACR members are welcome to attend. ACR members with no complaints against them will continue to pay their annual fee only unless a complaint is raised against them which may incur case fees.
About the proposed funding model
In early 2021, AFCA appointed PwC to undertake a review of its current funding model and develop a new model that would be fit-for-purpose, sustainable, and fair to AFCA members.
In developing the new model, AFCA and PwC took member feedback into account and considered the key findings and recommendations of the recently published AFCA Independent Review – with a particular focus on a “user-pays” approach that reduces the burden on smaller members and those industries who are not heavy users of AFCA, minimising cross subsidisation across sectors, and supporting firms to better forecast and budget for complaints.
We have listened to our members and have developed a new model that is fair, transparent, and equitable for all financial firms and that is supported by strong data and modelling.
The proposed funding model includes a number of key features including a single annual registration fee, a simplified complaints fee structure, free complaints, and changes to the superannuation levy.
We are now seeking to provide an overview of the proposed model and seek member feedback ahead of implementing the final model on 1 July 2022.
Join us at your product group webinar to hear more about the proposed model, ask questions and provide feedback.
