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ARTICLE · 11 AUGUST 2021

What Financial Services businesses need to know about the AFCA Complaints Process

ClarkeKann Lawyers
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What is AFCA? What are its powers? What sort of complaints can it receive? Why make a complaint? etc

AustraliaFinance and Banking
Miles Anderson
Miles Anderson
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Key takeaways

  • Dealing with AFCA complaints can be a costly, time consuming and daunting experience. Sound legal advice and in-depth knowledge of AFCA's process is a key success factor when facing complaints.
  • Ensure AFCA has jurisdiction to hear a complaint, before beginning to defend allegations.
  • At least some decisions and conduct by AFCA are appealable.
  • In establishing business structures, consideration should be given to minimising exposure to AFCA complaints.
  • ClarkeKann has had success defending Financial Firms from AFCA complaints, particularly on the basis of jurisdiction.

What is AFCA?

The Australia Financial Complaints Authority (AFCA) is a federal authority which deals with complaints against entities in the financial services and insurance industry (Financial Firms). AFCA was established in 2018 by consolidating a number of external dispute resolution schemes: the Financial Ombudsman Service, the Credit and Investments Ombudsman; and the

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