During July 2018, AFCA consulted on the proposed interim funding model, and received 17 submissions from stakeholders in response. Following the consultation, the AFCA Board considered the feedback received in the submissions and has now finalised and approved the interim funding model.
The AFCA interim funding model applies for the first three years of AFCA operations (FY2018/2019 – FY2020/2021), while AFCA establishes an evidence base of complaint volumes and complexity in an expanded jurisdiction, and to all complaints received on or after 1 November 2018. More detailed information on complaint fees is available in the invoices section of Secure Services.
To ensure adequate funding to effectively manage the transition from existing dispute resolution schemes and to manage its ongoing complaint resolution services, the Australian Financial Complaints Authority (AFCA) has developed a three-phase funding model approach, consisting of initial transition funding, an interim funding model, and a long-term funding model. AFCA recently consulted on the proposed funding model. The deadline for submissions was 27 July 2018 and consultation has now closed.
Following the consultation, the AFCA Board will consider all feedback and make any appropriate changes to the proposed funding model. Confirmation of the final AFCA funding model will be released by early September 2018.
Once finalised, the funding model will cover funding of AFCA operations when it commences on 1 November 2018.