Five free complaints
No complaint fees for the first five complaints closed within a financial year.
Reassurance for small members who could be significantly affected by an unforeseen complaint.
Gives members time to identify and address causes of complaints before incurring cost.
Single annual registration fee
All members pay a single annual registration fee. In the 2023 and 2024 financial years, this fee was $375.55 for financial firm members and $65.98 for Authorised Credit Representative (ACR) members.
Members who receive five complaints within the financial year will only pay the annual fee.
The annual registration fee is not linked to business size or industry – so there is no unfair extra costs for firms with low complaint numbers.
Simplified complaint fees
A simple complaint fee structure reduces complexity and encourages early resolution.
A low registration and referral fee means firms have an opportunity to resolve complaints without incurring significant costs.
“User-pays” approach to fees
Heavy users pay their fair share towards AFCA’s service.
This approach reduces the burden on smaller members and those industries who are not heavy users of the scheme, and minimises cross-subsidisation across sectors.
Firms are incentivised to use internal dispute resolution to decrease complaints to AFCA. Firms can significantly reduce their fees and charges through improvements to their IDR.
The model also supports firms to better forecast and budget for complaints.
By encouraging early resolution the AFCA funding model is consistent with ASIC RG271.
Members with a user charge over a certain threshold are automatically invoiced monthly.
However, at the beginning of each financial year, these members can opt to receive their user charge invoices quarterly, bi-annually or annually.
For the 2023 financial year, flexible invoicing applied to members with a user charge of more than $25,000.
The funding model uses a simple fee structure to avoid complexity when calculating fees, aid forecasting and budgeting, and encourage early resolution.
Read the fee structure here.