3 December 2018
AFCA has provided a submission to the inquiry into ‘Credit and financial services targeted at Australians at risk of hardship’ by the Senate Economics References Committee.
As the new independent external dispute resolution (EDR) scheme, AFCA plays a key role in ensuring that fair, independent and effective solutions are delivered to consumers with financial complaints and therefore welcomes the opportunity to provide a submission to this inquiry.
AFCA’s submission focused on the issues that alter the effectiveness of EDR as a mechanism for consumers and small businesses.
Currently, some people who use services examined by this enquiry are not eligible to have their complaints considered by AFCA.
AFCA supports certain reforms that would improve consumer protection, regardless of their eligibility to have complaints considered by AFCA. This includes support for:
The suggestions made by AFCA in our submission to support these reforms are:
View the full report on our website at afca.org.au/about-afca/submissions/