The Australian Financial Complaints Authority (AFCA) is bolstering its work in raising standards and minimising consumer harm, with the creation of a new leadership position, Lead Ombudsman– Systemic Issues and Remediation.
The newly created position will provide professional and technical leadership for all of AFCA’s systemic issues and serious contraventions investigations, along with overseeing AFCA’s remediation work.
AFCA Chief Executive Officer and Chief Ombudsman David Locke said the new position demonstrates AFCA’s commitment to resolving systemic issues.
“Our systemic issues work gives us the opportunity to help financial firms fix issues that cause complaints and prevent more from occurring. It also helps raise industry standards and prevents harm to consumers,” Mr Locke said.
“The creation of the new position of Lead Ombudsman – Systemic Issues and Remediation demonstrates that we take our role in identifying and resolving systemic issues very seriously.
“In the last 12 months, AFCA has identified and resolved 167 definite systemic issues. We also referred 30 possible serious contraventions to regulators.”
AFCA is also currently recruiting for the positions of Lead Ombudsman – Superannuation and Lead Ombudsman – Investments and Advice, both of which were previously held by Dr June Smith who was promoted to Deputy Chief Ombudsman in July 2019.
For more information about the positions, visit afca.org.au/careers
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- The Australian Financial Complaints Authority (AFCA) is a non-government organisation providing free, fair and independent help with financial disputes.
- AFCA 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.
- In its first 12 months of operation, AFCA has received over 73,000 financial complaints and awarded more than $185 million in compensation.
- AFCA considers complaints that previously would have been handled by the Financial Ombudsman Service, the Credit and Investments Ombudsman or the Superannuation Complaints Tribunal, and it’s an alternative to tribunals and courts.
- Consumers and small businesses can lodge a complaint with AFCA online at afca.org.au, via email to firstname.lastname@example.org or by phoning 1800 931 678.
- AFCA has a one-year window to consider complaints dating back to 2008. The special rules around ‘legacy complaints’ have been set by the Australian Government, and AFCA can accept legacy complaints until 30 June 2020.
- AFCA is an independent, not-for-profit body operating under Rules set by ASIC, and governed by a Board that has equal numbers of directors with consumer and industry backgrounds.