The Australian Financial Complaints Authority (AFCA) will commence receiving complaints on 1 November 2018. AFCA replaces the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT).
AFCA and SCT have been working collaboratively during the last six months to ensure there are appropriate transition arrangements in place for the effective handling of superannuation disputes immediately prior to and after 1 November.
From 1 November, superannuation trustees and insurers should continue to liaise with SCT in relation to any open complaints received by SCT prior to 1 November. Any superannuation complaints that are received from 1 November will be handled by AFCA. Accordingly, superannuation trustees and insurers should liaise with AFCA in relation to all new superannuation complaints received from 1 November.
Complaints made on or after 1 November must be made to AFCA. If SCT receives any new complaints from 1 November, it will return each complaint and advise the complainant to lodge their complaint with AFCA.
If a superannuation trustee or insurer is notified of a new complaint received by AFCA on or after 1 November that it believes is currently with SCT, or has been previously dealt with by SCT, they should contact AFCA immediately to discuss this.
AFCA and SCT will continue to liaise in relation to the handling of superannuation complaints from 1 November.
For information about AFCA please refer to AFCA’s website at www.afca.org.au or contact 1800 931 678.
For information about SCT please refer to SCT’s website at www.sct.gov.au or contact 1300 884 114.
Published: 25 October 2018
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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.