New external dispute resolution scheme
The new single external dispute resolution scheme for consumer and small business complaints, the Australian Financial Complaints Authority (AFCA), has been established. It replaces the Financial Ombudsman Scheme, the Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal, and ASIC will oversee the operation.
AFCA will deal with complaints about financial firms including banks, credit providers, insurance companies and brokers, financial advisers, managed investment schemes and superannuation trustees.
All financial firms that are required to have a dispute resolution system to deal with complaints from consumers and small businesses must become members of AFCA by 21 September 2018.
AFCA will consult publicly on the AFCA rules and interim AFCA funding model.