$500k in unpaid compensation as complaints against ACBF/Youpla top 500

The Australian Financial Complaints Authority (AFCA) has received more than 500 complaints* about four Aboriginal Community Benefit Fund (ACBF) companies, also known as the Youpla group, since AFCA began operating in 2018.

AFCA consults on proposed funding model

The vast majority of financial firms would pay the same or less to the Australian Financial Complaints Authority under a proposed new user-pays funding model now the subject of consultation by AFCA with financial firms.

Financial services leader Gary Dransfield joins AFCA board

The Australian Financial Complaints Authority (AFCA) today announced the appointment of experienced financial services leader Gary Dransfield to its board. His appointment, for three years, is effective from 1 January 2022.

AFCA appoints new head of code compliance

The Australian Financial Complaints Authority (AFCA) has appointed a new leader of its Code Compliance and Monitoring Team.

AFCA welcomes release of Independent Review’s report

The Australian Financial Complaints Authority (AFCA) welcomes the release today of the report of the Independent Review into its financial dispute resolution service. AFCA agrees in principle with the report’s 14 recommendations.

AFCA launches new platform to improve dispute resolution 

The Australian Financial Complaints Authority (AFCA) today launched a new digital platform to help financial firms better manage disputes that reach the ombudsman service.

AFCA appoints seven Senior Ombudsmen

The Australian Financial Complaints Authority (AFCA) has created the new role of Senior Ombudsman, announcing seven appointments, as it progresses projects to enhance the efficiency and effectiveness of dispute resolution.

Complaints about four major banks fall: AFCA 

Consumer complaints about the four major banks fell seven per cent in 2020-21, the Australian Financial Complaints Authority (AFCA) says in new analysis of the 70,510 complaints it received overall in 2020-21.

Most ‘know your client’ issues resolved early: AFCA

Consumers who believe they’ve been given inappropriate advice or advice not in their best interest account for one in four Investments and Advice complaints but most of these complaints are resolved by agreement or do not go any further, data released by the Australian Financial Complaints Authority (AFCA) shows.

AFCA recognised at customer service awards

AFCA Customer Service Team Manager Steven Short wins Stellar Achievement Award at SOCAP Industry Awards.