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ARTICLE · 01 JULY 2023

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Demystifying AFCA - Part Two: The complaints process and restrictions on financial firms

Bartier Perry Solicitors
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The scope and power of AFCA and the steps to be taken when a complaint is lodged.

AustraliaFinance and Banking
Gavin Stuart
Gavin Stuart
Emma Boyce
Emma Boyce
James Duff
James Duff
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There is no doubt the current economic climate is precarious. Many experts suspect a recession is looming in the aftermath of the COVID-19 pandemic. This coupled with increased mortgage stress caused by the RBA's recent rate increases is likely to result in more complaints being lodged with AFCA against financial firms, particularly in the lending industry.

This makes it even more important for financial firms to understand the scope and power of AFCA and what steps need to be taken when a complaint is lodged with it.

In this bulletin series, Demystifying AFCA, we are examining the role of AFCA, the complaints process and the powers and remedies available to AFCA. In this part two of our bulletin series, we are examining the complaints process and exploring the restrictions placed on financial firms during the complaint period.

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