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- Home | Australian Financial Complaints Authority (AFCA)
- Contact us | Australian Financial Complaints Authority (AFCA)
- Overview of complaints | Australian Financial Complaints …
- The AFCA portal | Australian Financial Complaints Authority (AFCA)
- How to make a complaint in the portal | Australian Financial …
- About AFCA | Australian Financial Complaints Authority (AFCA)
- Australian Financial Complaints Authority - AFCA
- AFCA's process | Australian Financial Complaints Authority
- How to make a complaint to AFCA | Australian Financial …
- Members | Australian Financial Complaints Authority (AFCA)
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The Australian Financial Complaints Authority or AFCA is an Australian external dispute resolution (EDR) company for consumers who are unable to resolve complaints with member financial services organisations. It is operated as a not-for-profit company limited by guarantee and was authorised in 2018 by the then Minister for Revenue and Financial Services, Kelly O'Dwyer, in accordance with the Corporations Act 2001 (Cth).
Membership of AFCA is a requirement under law or license condition of all financial firms and financial service providers that provide services in Australia. AFCA is led by the Chief Ombudsman and CEO, presently David Locke.
AFCA replaced the three pre-existing EDR schemes of the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT).
History
The Australian Financial Complaints Authority was established on 1 November 2018, replacing the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT). The Australian Government announced on 9 May 2017 that AFCA would be established in response to the review of external dispute resolution and complaints arrangements in the financial system.
Operations and processes
= Rules
=The Rules of AFCA outline the types of complaints that AFCA can consider, as well as their procedures, remedies and reporting obligations. The rules were approved by the Australian Securities & Investments Commission (ASIC) on 12 September 2018.
= Resolution process
=The AFCA only considers a complaint after the consumer has first attempted to resolve the dispute directly with their financial service provider. If the dispute is unable to be resolved or the outcome is unsatisfactory, AFCA can then consider it.
Complaints can be filed with AFCA through an online form on their website. An AFCA representative will then contact the consumer and relevant financial service provider to settle the dispute. In the case a settlement cannot be reached, an AFCA case analyst will develop a balanced solution. The consumer can then either accept the proposed settlement from AFCA or take their dispute to court.
= Governance
=The Australian Financial Complaints Authority is governed by a Board of Directors, which includes equal numbers of industry and consumer representatives. The Independent?? Chair of the Board is Helen Coonan. The Board appoints an independent?? Chief Ombudsman and CEO, presently David Locke.
= Funding
=AFCA is funded by its member financial firms through annual membership and complaint fees.
See also
Australian Securities and Investments Commission
Credit and Investments Ombudsman
Ombudsmen in Australia
Superannuation Complaints Tribunal
Financial Ombudsman Service (Australia)
List of financial regulatory authorities by jurisdiction
References
External links
ASIC Money Smart – how to complain
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Australian Financial Complaints Authority - Ausure Griffith
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What is the Australian Financial Complaints Authority (AFCA)? | Canstar
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Australian financial complaints authority – Artofit
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Australian financial complaints authority – Artofit
Australian Financial Complaints Authority | LinkedIn
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Australian Financial Complaints Authority Receives More Than 80,000 ...
Australian Financial Complaints Authority on LinkedIn: Media release ...
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Australian Financial Complaints Authority receives 102,790 complaints ...
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Australian Financial Complaints Authority - Sophie Grace
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Home | Australian Financial Complaints Authority (AFCA)
The Australian Financial Complaints Authority (AFCA) provides fair and independent resolution for financial complaints. Get in touch with us for a solution to your financial dispute.
Contact us | Australian Financial Complaints Authority (AFCA)
We provide consumers and small businesses with fair, free and independent dispute resolution for financial complaints. Please enter your details to start your chat with an AFCA representative.
Overview of complaints | Australian Financial Complaints …
AFCA experienced another record year in 2023-24, with complaints rising 8% to 104,861. We resolved 104,203 complaints, 21% more than in 2022-23. Complainants secured $313,903,256 million in compensation and refunds.
The AFCA portal | Australian Financial Complaints Authority (AFCA)
Ability to make a complaint online or save a draft complaint if you are not ready to submit your complaint to AFCA. Live notifications of activity on your complaint. Real-time details about the status of your complaint, such as what stage of the AFCA process it is in.
How to make a complaint in the portal | Australian Financial …
We provide consumers and small businesses with fair, free and independent dispute resolution for financial complaints. Welcome to our live chat help service. An agent should be with you shortly.
About AFCA | Australian Financial Complaints Authority (AFCA)
The Australian Financial Complaints Authority (AFCA) is a free, fair and independent dispute resolution scheme. We consider complaints about financial products and services. AFCA’s service is offered as an alternative to tribunals and courts to resolve complaints consumers and small businesses have with their financial firms.
Australian Financial Complaints Authority - AFCA
From 1 November 2018, the Australian Financial Complaints Authority (AFCA) will replace the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT). More information is available about these predecessor schemes.
AFCA's process | Australian Financial Complaints Authority
This page provides information about the process the Australian Financial Complaints Authority (AFCA) follows when we resolve a complaint. We have a range of methods to resolve complaints. We select the method, or combination of methods, that we think is most likely to resolve the complaint fairly and efficiently.
How to make a complaint to AFCA | Australian Financial …
The Australian Financial Complaints Authority (AFCA) is an independent external dispute resolution scheme. AFCA provides individuals and small businesses a free, fair and independent service for resolving complaints about financial products and services.
Members | Australian Financial Complaints Authority (AFCA)
This page is for AFCA members, including banks, insurers, credit providers, financial advisers, debt collection agencies, superannuation trustees and many more. If you are a consumer or small business, you can make a complaint here or access the AFCA portal to manage an existing complaint here.