Former RBA assistant governor Malcolm Edey has been appointed to chair the transition team overseeing the establishment of AFCA.
Malcolm Edey will lead a transition team that will overhaul the current external dispute resolution (EDR) framework consisting of three schemes: the Financial Ombudsman Service (FOS), the Superannuation Complaints Tribunal (SCT), and the Credit and Investments Ombudsman (CIO).
In a statement issued overnight, Minister for Financial Services and Revenue Kelly O'Dwyer announced the appointment, describing Dr Edey as "widely respected" nationally and internationally.
The transition team will advise the government of AFCA operations, funding and personnel, the minister announced, as well as liaise with the three EDR schemes currently in place.
"Once legislation to establish the AFCA has passed the Parliament, the focus of the transition team will shift to overseeing the operational transition from the existing schemes to AFCA," Ms O'Dwyer said.
"The transition team will consult extensively with industry and consumer stakeholders, as well as the FOS, CIO and SCT.
"Dr Edey will be supported by a team located in Treasury that will draw on private sector expertise as required."