As I write this in May 2020, we are facing difficult times. We
are grappling with a global pandemic caused by COVID-19. And, as we
experienced during the global financial crisis, complaints appear
to be on the rise.
Where a complaint cannot be resolved directly with a consumer
(the complainant) and the financial firm is a member of the
Australian Financial Complaints Authority (AFCA), the complainant
may escalate their complaint to AFCA.
AFCA is a dispute resolution scheme for financial services. It
is not the regulator of the financial services industry. That task
falls to the Australian Securities and Investments Commission
(ASIC).
AFCA is governed by its Rules which are approved by ASIC, and
which form a part of a contract between the complainant, the
financial firm and AFCA.
