Government consults on AFCA

— 1 minute read

The Coalition government has released a consultation paper on the terms of reference, governance and funding arrangements for the new Australian Financial Complaints Authority (AFCA).

Dr Malcolm Edey, the chair of the AFCA transition team, released the consultation paper on Friday. Submissions close on 20 November 2017.

AFCA is being promoted by the government as a 'one-stop shop' for financial services disputes, replacing the existing finance, credit and superannuation dispute resolution bodies.


Minister for Revenue and Financial Services Kelly O'Dwyer said the government was creating AFCA based on the advice of the Ramsay review of external dispute resolution and complaints arrangements.

"AFCA will commence from 1 July 2018 and will provide free, fast and binding dispute resolution for consumers and small businesses," Ms O'Dwyer said.

"Feedback from the consultation paper will provide the basis of Dr Edey's advice to the minister on the authorisation of AFCA, including any conditions that should be imposed on authorisation.

"I encourage all interested parties to engage with Dr Edey and the transition team to ensure that AFCA provides enhanced access to redress, while being accountable and transparent to both industry and consumers."


Government consults on AFCA
investordaily image
ID logo

related articles

  • ‘We have a long battle ahead’: Byres

    APRA chairman Wayne Byres has told banks to prepare for the long haul and warned that the idea that the financial system will return to norm...

  • Stimulus must stay: Lowe

    RBA governor Philip Lowe has warned that withdrawing the massive fiscal stimulus risks destabilising the recovery at a critical point. ...

  • Court orders receivers to WA firm 

    The Federal Court of Australia has sided with ASIC over a case concerning an alleged unregistered managed investment scheme and a related co...

promoted stories

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.