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ARTICLE · 10 OCTOBER 2022

Updated AFCA fees

Sophie Grace Pty Ltd
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AFCA (Australian Financial Complaints Authority) updated its funding model and fee structure to simplify the structure.

AustraliaFinance and Banking
Alicia Pevely
Alicia Pevely
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The Australian Financial Complaints Authority (AFCA) has updated its funding model and fee structure to simplify the structure. The new model is effective from 1 July 2022.

What does this mean for financial firms?

For most firms, the new model should result in lower fees. In August 2022, AFCA finalised all complaint invoices for complaints closed in July 2022. Complaints closed after 1 July 2022 will be charged under the new model. For most financial firms, the result of the new funding model will mean that they only pay the annual registration fee.1 The new user-pays model will see those financial firms with a high volume of complaints contributing more heavily to the funding of AFCA.

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