Government consults on AFCA

Government consults on AFCA

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
promoted stories

Appointments

investordaily image

Fortnum hires former Centric Wealth CEO

Staff Reporter

Deborah Ralston

SMSF Association names new chair

Katarina Taurian

Curtis Cifuentes

Avenir Capital hires investment director

Staff Reporter

Analysis

Maurizio Canton

Striking a balance between security and innovation

Maurizio Canton

Greg Kuhnert

Backing China in the Year of the Dog

Greg Kuhert

investordaily image

The benefits of good data governance

Steve Singer