This update looks at the current state of play and
details the mechanism to make the transition to AFCA. Entities
required to be members of AFCA are referred to as financial
firms.
Executive summary
All financial service providers will be aware that a new
one-stop-shop for external dispute resolution services has been
established: the Australian Financial Complaints Authority
(AFCA).
AFCA takes over from the three existing external dispute
resolution schemes: the Financial Ombudsman Service (FOS); the
Credit and Investments Ombudsman (CIO); and the Superannuation
Complaints Tribunal (SCT).
It has been suggested that AFCA is the successor to FOS. While
this is not correct one could be forgiven for thinking so when
regard is given to the mechanics of joining the new scheme –
FOS members are in 'pole position' here – see
below.
