The Australian Financial Complaints Authority (AFCA): An overview

Businesses involved in the provision of financial services are being urged to ensure they understand new obligations stemming from the launch of the Australian Financial Complaints Authority (AFCA) on 1 November 2018.

AFCA has been designed as a 'one-stop-shop', tasked by the Commonwealth Government with providing fast, free and binding external dispute resolution services for consumers of financial products.

Organisations affected by the new body need to ensure they become members of AFCA by 21 September 2018.

Membership of AFCA will be mandatory under law for the following providers of financial services:

• Australian Financial Service Licensees;
• Australian Credit Licensees;