Independent Review Quarterly Update for March 2024

AFCA has published its March 2024 Quarterly Update on the Independent Review response.

AFCA and CSLR sign memorandum

The Australian Financial Complaints Authority (AFCA) and Compensation Scheme of Last Resort Ltd (CSLR Ltd) have signed a memorandum of understanding (MoU) setting out how they will work t

AFCA publishes latest edition of its Systemic Issues Insights Report

As part of AFCA’s commitment to transparency and sharing key systemic issues insights with consumers, members and stakeholders, AFCA has published the latest edition of its Systemic Issues Insights Report.

Material changes to AFCA scheme approved by ASIC

ASIC has formally approved material changes to the AFCA scheme following the consultation on changes to AFCA’s Rules and Operational Guidelines in 2023. AFCA has now published its Consultation Response outlining how it responded to formal submissions and stakeholder feedback. All non-confidential submissions were published in 2023.

Government announces CSLR Chair and changes to AFCA authorisation

The Australian Financial Complaints Authority (AFCA) acknowledges yesterday’s

Opening statement – Inquiry into insurers’ responses to 2022 major floods claims

Justin Untersteiner, Chief Operating Officer of the Australian Financial Complaints Authority (AFCA), made the following opening statement to the Inquiry into insurers’ responses to 2022 major floods claims, on 21 February 2024.

AFCA publishes ‘lead decision’ to aid progress of Dixon cases

AFCA has published a “lead decision” that will assist decision making in the more than 1,900 Dixon Advisory and Superannuation Services (Dixon) complaints it has received to date.

AFCA documents approach to determining compensation in complaints against Financial Advice Firms where the RE of a MIS has become insolvent

AFCA has published its Approach to determining compensation in complaints against Financial Advice Firms where the Responsible Entity (RE) of a Managed Investment Scheme (MIS) has become insolvent.

AFCA issues its Approach to Lending to Small Business

The Australian Financial Complaints Authority (AFCA) has published its Lending to Small Business Approach (formally Appropriate Lending to Small Business Approach), which provides guidance for financial firms and small businesses about how it considers these complaints.

AFCA’s compensation caps and monetary limits adjusted

The Australian Financial Complaints Authority (AFCA) has adjusted its monetary limits and compensation caps for complaints.

AFCA activates significant event response plan following Cyclone Jasper

The Australian Financial Complaints Authority sends its condolences to the Far North Queensland communities and all those impacted by Cyclone Jasper. 

AFCA progresses governance models for Forward-Looking Review Mechanism and Approach Consultations

AFCA progresses governance models for the Independent Review focusing on recommendations 9 and 11.