The Australian Financial Complaints Authority (AFCA) and the Australian Prudential Regulation Authority (APRA) have signed a memorandum of understanding (MoU) setting out how they will continue to work together to support a fair and efficient financial system.
The MoU sets out the basis for engagement between APRA and AFCA, including information sharing and other forms of cooperation and coordination.
It has been signed by AFCA’s Chief Ombudsman and Chief Executive Officer David Locke and the Chair of APRA, John Lonsdale.
“This MoU reflects our intention to maintain a proactive, open and collaborative relationship,” Mr Locke said.
“While we have distinct mandates and responsibilities, we have the common goal of protecting consumers and contributing to the maintenance of consumer confidence in Australia’s financial system.”
AFCA is an independent, not-for-profit ombudsman service for the financial services sector. Its external dispute resolution service helps consumers and small businesses resolve complaints with financial firms in banking and finance, investments and advice, insurance and superannuation.
APRA is a regulator tasked with protecting the financial wellbeing of the Australian community through its oversight of financial entities, with the objective of protecting the interests of depositors, insurance policyholders and superannuation fund members.
Published: 28 April 2023
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The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.