AFCA proposes Rules change to transfer unfinished complaints from Superannuation Complaints Tribunal

Following a public consultation and submissions from industry and consumer bodies, an amendment to the Australia Financial Complaints Authority (AFCA) Rules to facilitate the transition of any unresolved complaints from the Superannuation Complaints Tribunal (SCT) prior to ceasing operations will be submitted to the Australian Securities and Investments Commission (ASIC) for approval.

Six-month temporary time extension to cease on 1 November

The Australian Financial Complaints Authority (AFCA) is reminding firms that on 1 November 2020, the six-month temporary time extension for firms to provide responses to financial difficulty complaints and complaints that have already been through internal dispute resolution will come to an end.

AFCA Datacube updated with latest complaint statistics

The Australian Financial Complaints Authority (AFCA) has today updated its online comparative reporting tool, the AFCA Datacube, to include information about all financial complaints lodged with it from 1 July 2019 to 30 June 2020.

Consultation now open on AFCA Rules changes ahead of Superannuation Complaints Tribunal ceasing operations

As part of transition arrangements in relation to the Superannuation Complaints Tribunal (SCT) ceasing operations after 31 December 2020, the Australian Financial Complaints Authority (AFCA) is seeking submissions on proposed changes to its Rules.

AFCA makes submission to ASIC’s product intervention power on add-on motor vehicle financial risk products consultation

The Australian Financial Complaints Authority (AFCA) has published its submission to ASIC’s consultation on the proposed use of its product intervention powers to address significant consumer harm caused by the sale of add-on insurance and warranty products sold with motor vehicles.

AFCA makes submission to ASIC’s product intervention powers consultation

The Australian Financial Complaints Authority (AFCA) has published its response to ASIC’s consultation on the proposed use of its product intervention powers to address significant consumer detriment arising from continuing credit contracts being provided to retail clients under a ‘collateral services’ model.

AFCA appoints Head of Membership Services

The Australian Financial Complaints Authority (AFCA) is pleased to announce the appointment of Mr. Campbell Daff to the newly created position of Head of Membership Services.

Insurance Council and AFCA agree to launch business interruption test case

The Insurance Council of Australia (ICA) and the Australian Financial Complaints Authority (AFCA) have agreed to file a test case considering the application of infectious diseases cover in business interruption policies.

AFCA welcomes updated guidance on IDR procedures

The Australian Financial Complaints Authority (AFCA) has welcomed the Australian Securities and Investments Commission’s (ASIC) updated guidance on Internal Dispute Resolution (IDR). 

AFCA receives more than 80,000 complaints in FY19/20, nearly 5,000 of which are COVID-19 related

Australians in dispute with their bank, insurer, super fund or financial firm have lodged more than 80,000 complaints in the last 12 months, with the Australian Financial Complaints Authority (AFCA) securing $258.6 million in compensation and refunds direct to consumers.