AFCA releases response to Independent Review 

AFCA has released new information on its response to the Independent Review and how it has already commenced or progressed work on 9 of the 14 recommendations. This includes the new AFCA funding model, modernising technology to enhance timeliness, efficiency, and transparency, and completing a significant component of its fairness jurisdiction project.  

Complaints against ACBF/Youpla now above 700

The Australian Financial Complaints Authority (AFCA) has now received more than 700 complaints about four Aboriginal Community Benefit Fund (ACBF) companies, also known as the Youpla group, since AFCA began operating in 2018.

$500,000 in payments a year on from Cyclone Seroja

A year since Cyclone Seroja hit regions in Western Australia, complaints to the Australian Financial Complaints Authority (AFCA) have resulted in payments to consumers of just over $500,000.

AFCA updates Operational Guidelines

The Australian Financial Complaints Authority (AFCA) has updated its Operational Guidelines.

AFCA support for consumers and members impacted by the NSW and QLD floods and storms

The Australian Financial Complaints Authority (AFCA) sends its condolences to the communities impacted by the devastating floods and storms in Queensland and New South Wales.

Two AFCA teams named finalists in dispute resolution awards

Two teams from the Australian Financial Complaints Authority (AFCA) – spanning the range of ways it helps consumers and financial firms resolve disputes – have been named as finalists in the Australian ADR Awards.

AFCA to consult on approach to categorising complaints about financial advice and financial products

With the forthcoming release of the draft Compensation Scheme of Last Resort (CSLR) legislation and in our regular discussions with the advice sector, AFCA has noted the currently proposed scope of the CSLR treats complaints about losses arising from the sale, distribution and operation of managed investment schemes and financial products and the provision of financial advice differently. 

AFCA Datacube updated with latest complaint statistics

The Australian Financial Complaints Authority (AFCA) has updated its online comparative reporting tool, the AFCA Datacube, to include information about financial complaints lodged from 1 July 2020 to 30 June 2021.

AFCA releases 2020–21 Annual Review

The 2020–21 AFCA Annual Review is now available.

AFCA updates processes to align with ASIC Regulatory Guide 271

The Australian Financial Complaints Authority (AFCA) has updated its processes to align with ASIC Regulatory Guide 271 Internal Dispute Resolution (RG 271).

AFCA updates Operational Guidelines

The Australian Financial Complaints Authority (AFCA) has updated its Operational Guidelines.

Advisers’ code of ethics offers a wider opportunity

The Code of Ethics for financial advisers is not all about catching out bad players, or about trading profit for “doing good”, says Australian Financial Complaints Authority (AFCA) Deputy Chief Ombudsman June Smith.