A quick guide to what you need to be doing about the new
external dispute resolution scheme.
(Click to view Printable PDF Version)
The Australian Financial Complaints Authority (AFCA) is a new
external dispute resolution (EDR) scheme to deal with complaints
from consumers in the financial system which is set to commence
hearing disputes from 1 November 2018.
AFCA replaces the three existing financial services EDR schemes,
being the Financial Ombudsman Service (FOS), the Credit and
Investments Ombudsman (CIO) and Superannuation Complaints Tribunal
(SCT), so that consumers have access to a single EDR scheme.
Consumers and small businesses with less than 100 employees will be
able to make complaints to AFCA, who can hear complaints regarding
matters of up to a $1 million value (other than superannuation
complaints or complaints arising from a credit facility provided to
a small business, for which there is no limit), and order
compensation of up to $500,000.
