In November 2018, AFCA was established as Australia's new one-stop-shop for financial complaints. The legislation which established AFCA, included a requirement of an independent review of AFCA following two years of operation.
In 2021, AFCA was pleased to take part in the Independent Review of its functions and performance, and received the review's report in November 2021.
The report confirms that “AFCA is performing well in a difficult operating environment and a changing regulatory landscape” and reaffirms AFCA’s impartiality and its fairness jurisdiction, acknowledging that this approach underpins the body’s “critical” role as an efficient alternative to a tribunal or court for consumers, small businesses and financial firms.
The report included 14 recommendations for AFCA to further strengthen it's service to complainants and members. AFCA is now working to respond to each of these recommendations through existing work and new initiatives, with work already underway on 9 of the 14 recommendations.
- AFCA Media Release - AFCA welcomes release of Independent Review’s report - 24 November 2021
- AFCA submission to Independent Review - 26 March 2021
- AFCA welcomes announcement of Independent Review - 19 February 2021
- Treasury announcement - 19 February 2021