The Australian Financial Complaints Authority (AFCA) warmly welcomes the Government’s announcement to extend AFCA’s remit to review eligible financial complaints dating back to 1 January 2008.
Chief Ombudsman and Chief Executive Officer, David Locke said AFCA will work with all stakeholders to implement these changes fairly and effectively.
“We believe that this will provide access to justice and redress to many thousands of Australian consumers,” Mr Locke said.
“AFCA’s remit will be expanded for a period of 12 months to accept eligible complaints regarding conduct dating back to 1 January 2008.
“In most cases, we are currently only able to consider matters that have occurred within the last six years. When a complaint has been through a financial firms’ internal dispute resolution process, this timeframe is reduced to two years.
“This change means that many more people will be able to get access to justice and have their matters properly considered.”
AFCA will consider eligible complaints between 1 July 2019 and 30 June 2020, following the AFCA Rules being updated.
AFCA will run a limited consultation regarding required changes to its Rules, which will need to be approved by the Australian Securities and Investments Commission.
“We will be issuing guidance prior to 1 July 2019 to explain how people can raise their matters with us,” Mr Locke said.
AFCA is now running consultation regarding required changes to its Rules, which will need to be approved by the Australian Securities and Investments Commission. For more information on the consultation click here.
Published: 20 February 2019
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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.