AFCA has released new information on its response to the Independent Review and how it has already commenced or progressed work on 9 of the 14 recommendations. This includes the new AFCA funding model, modernising technology to enhance timeliness, efficiency, and transparency, and completing a significant component of its fairness jurisdiction project.
AFCA will address all 14 recommendations through a three-year program of work, which includes existing projects as well as new initiatives.
The program includes consultation with members, consumers and other stakeholders on many new initiatives, processes, and approaches. Recently, AFCA has consulted with stakeholders on the proposed funding model, the new Member and Consumer portal, and the AFCA fairness jurisdiction project.
The new AFCA Independent Review page will be regularly updated with the latest information on AFCA initiatives, their progress, and how they address the review recommendations.
About the Independent Review
In 2021, AFCA was pleased to take part in the Independent Review of its functions and performance and receive the review's report in November 2021.
The report confirms that “AFCA is performing well in a difficult operating environment and a changing regulatory landscape” and reaffirms AFCA’s impartiality and its fairness jurisdiction, acknowledging that this approach underpins the body’s “critical” role as an efficient alternative to a tribunal or court for consumers, small businesses and financial firms.
The Independent Review of AFCA made 14 recommendations for continuous improvement under eight categories such as fairness, independence, efficiency, timeliness, jurisdiction, funding and fee structure, accountability, and other matters.
AFCA has used the findings as key inputs into its existing projects to further strengthen outputs and allow it to effectively respond to the review.
Published: 29 April 2022
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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.