The Australian Financial Complaints Authority (AFCA) welcomes today’s announcement of the terms of reference for the scheduled review of its functions and performance.
The review is required under the enabling legislation that authorises AFCA, and will be independent of AFCA and conducted by Treasury, with a report due by 30 June 2021.
“The establishment of AFCA represented significant reform of financial services complaints resolution in Australia,” Chief Ombudsman and CEO David Locke said.
“We are proud of all that AFCA has achieved in the space of two years. AFCA welcomes the opportunity to make a submission and put forward our views of how external dispute resolution for the financial services industry can be further improved."
Further information is available on the Treasury website.
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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.
- AFCA 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.