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."
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