Australian Financial Complaints Authority Limited (AFCAL) was incorporated on 17 July 2017. At incorporation, its auditor was Deloitte Touche Tohmatsu of 550 Bourke Street, Melbourne VIC 3000 (Deloitte) as Deloitte had been the auditor for Financial Ombudsman Service Limited and the continuity through the transition period was important.
Following the appointment of AFCAL as the operator of the Australian Financial Complaints Authority (AFCA) external dispute resolution scheme and the formation of a new Board of Directors, the Board wished to undertake due diligence on the ongoing appointment of the external auditor for AFCAL. Deloitte were consulted and invited to put forward a proposal to respond to the tender process, but declined, effectively retiring from the role of auditor. Following the tender process, the Audit and Risk Committee recommended the appointment of Moore Stephens of 530 Collins Street, Melbourne VIC 3000 (Moore Stephens) at the Board meeting on 17 May 2019. ASIC consented to the resignation of Deloitte as the external auditor on 5 July 2019.
The appointment of Moore Stephens as the external auditor will be put to the members for confirmation at the AFCA Annual General Meeting in November 2019.
Published: 5 July 2019
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The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.