The Australian Financial Complaints Authority will begin naming financial firms in its published determinations to increase transparency in the financial sector and enhance consumer confidence.
The change comes following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
AFCA undertook a public consultation and submitted an application to the Australian Securities and Investments Commission (ASIC) to change the AFCA Rules.
AFCA Chief Ombudsman and CEO David Locke said AFCA is committed to being open, transparent and accountable to the public.
“AFCA plays an important public role and we recognise that transparency in our data and decisions is essential to rebuilding trust in the financial sector,” Mr Locke said.
“We already publish decisions on our website, but we have been unable to name the financial firms involved.
“We welcome ASIC’s approval to change our Rules, which will allow us to now name financial firms in decisions we publish on our website.
“This is an important change, and the public will now be able to access increased information about the actions of financial firms.”
AFCA is working with ASIC to determine the start date for the naming of financial firms. Further updates will be provided when available.
- ASIC media release - ASIC approves AFCA rule change enabling the naming of firms
- Consultation - Rules changes to identify financial firms in published determinations
Published: 26 August 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.