Australian Financial Complaints Authority (AFCA)

Australian Financial Complaints Authority (AFCA) is a proposed new complaints body, replacing the Superannuation Complaints Tribunal (SCT), Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman (CIO).

AFCA to be able to accept financial complaints dating back to 2008

Treasurer Josh Frydenberg has announced that the remit of the Australian Financial Complaints Authority (AFCA) will be expanded to consider some financial complaints dating back as far as 1 January 2008. This would provide “expanded access to redress for consumers and small businesses harmed by financial misconduct,” Frydenberg said. The… Read More »AFCA to be able to accept financial complaints dating back to 2008

47% increase in financial complaints received since start of AFCA

Financial complaints to the newly operational Australian Financial Complaints Authority (AFCA) have soared compared to complaints to the bodies it replaces. AFCA started accepting complaints on 1 November, taking over from the Superannuation Complaints Tribunal (SCT), Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman (CIO). Since then it… Read More »47% increase in financial complaints received since start of AFCA

Over half of AFCA firms haven’t notified ASIC as deadline approaches

Over half of AFCA members haven’t provided details of their membership to ASIC, as required, with the deadline tomorrow. ASIC warned that firms that are members of the Australian Financial Complaints Authority (AFCA) – which replaces the complaint bodies SCT, CIO and FOS – must notify the corporate regulator of… Read More »Over half of AFCA firms haven’t notified ASIC as deadline approaches

Australian Financial Complaints Authority (AFCA) starts accepting consumer complaints

The Australian Financial Complaints Authority (AFCA) is up and running, ready to accept consumer complaints as of 1 November 2018. AFCA replaces the previous complaints bodies: Superannuation Complaints Tribunal (SCT), Financial Ombudsman Service (FOS) and Credit and Investments Ombudsman (CIO). “If any consumers or small businesses have an unresolved complaint… Read More »Australian Financial Complaints Authority (AFCA) starts accepting consumer complaints

ASIC issues stern warning for firms and trustees to join AFCA “now”

ASIC has issued a stern warning to financial services companies and some super fund trustees that they “must” join the Australian Financial Complaints Authority (AFCA) by tomorrow. AFCA replaces the Superannuation Complaints Tribunal (SCT), Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman (CIO). ASIC warned superannuation trustees (SMSFs… Read More »ASIC issues stern warning for firms and trustees to join AFCA “now”

Super funds shouldn’t have to cross subsidise complaints under AFCA

The Australian Institute of Superannuation Trustees (AIST) has warned that funding for the new Australian Financial Complaints Authority (AFCA) must avoid cross subsidisation. AIST said it was “essential that AFCA is appropriately funded to ensure it can provide an effective and efficient dispute resolution service to consumers and scheme members”.… Read More »Super funds shouldn’t have to cross subsidise complaints under AFCA

ASIC grants additional time to update disclosure documents for AFCA

Super funds have been granted additional time to update disclosure documents with details of the Australian Financial Complaints Authority (AFCA). AFCA will start dealing with complaints from 1 November 2018. The new external dispute resolution body replaces the SCT, CIO and FOS. ASIC has announced that it has granted super funds and… Read More »ASIC grants additional time to update disclosure documents for AFCA