Over 72,000 complaints taken to financial ombudsman in 2021-22

Australians in dispute with banks, insurers, super funds, investment firms and financial advisers lodged 72,358 complaints with the Australian Financial Complaints Authority (AFCA) in the past 12 months, a rise of 3 per cent on the previous financial year.

AFCA finalises funding model after industry consultation

The vast majority of financial firms will pay the same or less to the Australian Financial Complaints Authority under a new, user-pays funding model that will be implemented from July 1.

Merit assessment adopted after pilot shows benefits

AFCA has made early “merit assessment” a permanent feature of its process after a pilot program showed this made complaints handling faster, cheaper and fairer for all parties.

AFCA team wins dispute resolution award

The Australian Financial Complaints Authority (AFCA)has won the Ombudsmen and Commission Group of the Year Award at the 6th Annual Australian ADR Awards 2021.

$500k in unpaid compensation as complaints against ACBF/Youpla top 500

The Australian Financial Complaints Authority (AFCA) has received more than 500 complaints* about four Aboriginal Community Benefit Fund (ACBF) companies, also known as the Youpla group, since AFCA began operating in 2018.

AFCA consults on proposed funding model

The vast majority of financial firms would pay the same or less to the Australian Financial Complaints Authority under a proposed new user-pays funding model now the subject of consultation by AFCA with financial firms.

Financial services leader Gary Dransfield joins AFCA board

The Australian Financial Complaints Authority (AFCA) today announced the appointment of experienced financial services leader Gary Dransfield to its board. His appointment, for three years, is effective from 1 January 2022.

AFCA appoints new head of code compliance

The Australian Financial Complaints Authority (AFCA) has appointed a new leader of its Code Compliance and Monitoring Team.

AFCA welcomes release of Independent Review’s report

The Australian Financial Complaints Authority (AFCA) welcomes the release today of the report of the Independent Review into its financial dispute resolution service. AFCA agrees in principle with the report’s 14 recommendations.

AFCA launches new platform to improve dispute resolution 

The Australian Financial Complaints Authority (AFCA) today launched a new digital platform to help financial firms better manage disputes that reach the ombudsman service.