The Bill to create the Australian Financial Complaints Authority (AFCA) has passed the Senate, with amendments
The Australian Financial Complaints Authority replaces three existing financial services dispute resolution bodies – the Superannuation Complaints Tribunal (SCT), the Credit and Investments Ombudsman (CIO) and the Financial Ombudsman Service (FOS).
The amended Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017 passed the Senate on Wednesday evening. The Bill was introduced to the Senate first and so will need to go to the House next.
Concerns have been raised about including superannuation complaints in the AFCA, including around reduced consumer protections.
The SCT also told Parliament that it does not have the budget to deal with existing complaints, and wont be able to deal with the complaints in time.
AFCA is set to commence operations on 1 July 2018. A peak superannuation industry body has said this start date is unrealistic.
The Bill for the First Home Super Saver Scheme and downsizer contribution also passed the Senate with amendments. These amendments are to be considered at the next sitting.