AFCA has released a media release regarding our statement on the Royal Commission Final Report.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry handed down its final report to the Governor-General on 1 February 2019. The final report has now been released. This substantial report marks an important milestone for financial services in Australia.
We appreciate the thoughtful analysis of the issues and clear recommendations made by Commissioner Hayne. We will be examining these more closely over the coming days.
We note Commissioner Hayne’s recommendation, and the Government’s response, on the establishment of a compensation scheme of last resort. AFCA and its predecessor schemes have long advocated for the establishment of compensation scheme of last resort. We look forward to working with the Government to establish the scheme.
We also welcome the Commissioner’s recommendation in respect of section 912A of the Corporations Act 2001, to require that Australian Financial Services Licence holders take reasonable steps to cooperate with AFCA in its resolution of complaints, by making available to AFCA all relevant documents and records relating to issues in dispute. This will enhance AFCA’s effectiveness as an independent external dispute resolution scheme for consumers and small businesses.
Complaints dating back to 1 January 2008
The Government is proposing a change to the AFCA Rules to enable AFCA to deal with disputes dating back to 1 January 2008 about any misconduct, which AFCA, its predecessor schemes or the courts have not yet dealt with. If you are a consumer or small business owner that has such a legacy dispute, AFCA will be shortly issuing guidance which explains what this change means for you and when and how to lodge your complaint with us. In the meantime, please do not lodge a complaint or call us yet, but await this guidance.
AFCA is firmly on the side of fairness and we believe that ensuring fair outcomes for consumers is a critical first step to rebuilding trust and confidence in financial services.