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ARTICLE · 31 OCTOBER 2018

Australian Financial Complaints Authority set to commence on 1 November 2018

Gilchrist Connell
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New external dispute resolution body provides a one stop shop for consumer complaints against financial services providers. .

AustraliaFinance and Banking
Justine Siavelis
Justine Siavelis
Katherine Czoch
Katherine Czoch
Malcolm Wood
Malcolm Wood
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Introduction

From 1 November 2018, Australia will have a new external dispute resolution body, the Australian Financial Complaints Authority (AFCA), combining the Financial Ombudsman Service (FOS), Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT). It will be the 'one stop shop' for consumer complaints against banks, insurance and superannuation companies, as well as other financial services providers.

Following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, AFCA is expecting 1,000 complaints per week. Those in the financial services industry (and their insurers) should familiarise themselves with these changes.

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