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ARTICLE · 24 OCTOBER 2023

Demystifying AFCA – Part Three: Powers and Remedies

Bartier Perry Solicitors
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AFCA has discretion to make a wide range of determinations and remedies and its decisions are binding on financial firms.

AustraliaFinance and Banking
Gavin Stuart
Gavin Stuart
Emma Boyce
Emma Boyce
James Duff
James Duff
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AFCA complaints against financial firms in the banking and finance space rose 27% in FY23, bringing the total complaints in that field to 53,638. In a recent report from AFCA, Chief Ombudsman and CEO, David Locke, said that rising interest rates and the cost of living crisis largely contributed to that increase. The full report from AFCA can be found here.

So far in the Demystifying AFCA series we have looked at the role of AFCA, the complaints process, and the restrictions placed on financial firms once a complaint is lodged. In this instalment, we will focus on the powers and remedies available to AFCA when determining complaints and consider the issues arising by considering a case study.

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