A year on: 11,000 COVID-19 complaints, scams on the rise

The Australian Financial Complaints Authority (AFCA) is seeing a sharp rise in consumer complaints about scams, after receiving more than 11,000 complaints related to COVID-19 in the year leading up to the anniversary of the pandemic’s declaration.

AFCA welcomes announcement of Independent Review 

The Australian Financial Complaints Authority (AFCA) welcomes today’s announcement of the terms of reference for the scheduled review of its functions and performance.

AFCA Rules change following ASIC direction

AFCA has amended its Rules to provide clarity for consumers and financial firms regarding AFCA’s jurisdiction to receive complaints about the conduct of an authorised representative of an AFCA member. 

AFCA releases information for consumers impacted by NSW travel restrictions

The Australian Financial Complaints Authority (AFCA) has released information and next steps for consumers who have been affected by the recent NSW COVID-19 restrictions.

ASIC approves changes to AFCA Rules to assist transition of SCT complaints by 31 December 2020 deadline

The Australian Securities and Investments Commission (ASIC) has approved an update to the Australian Financial Complaints Authority (AFCA) Rules to provide for the transfer and handling of all remaining open complaints from the Superannuation Complaints Tribunal (SCT) to AFCA by 31 December 2020.

AFCA Member Forums: two years of operations, future of membership experience

More than 153,000 complaints received, $474.5 million in compensation and refunds.

AFCA releases 2019-20 Annual Review

The Australian Financial Complaints Authority (AFCA) has today released its 2019-20 Annual Review, revealing the number of complaints received and closed, the amount awarded to consumers in compensation and refunds, and the ombudsman’s approach to the COVID-19 pandemic.

AFCA proposes Rules change to transfer unfinished complaints from Superannuation Complaints Tribunal

Following a public consultation and submissions from industry and consumer bodies, an amendment to the Australia Financial Complaints Authority (AFCA) Rules to facilitate the transition of any unresolved complaints from the Superannuation Complaints Tribunal (SCT) prior to ceasing operations will be submitted to the Australian Securities and Investments Commission (ASIC) for approval.

Six-month temporary time extension to cease on 1 November

The Australian Financial Complaints Authority (AFCA) is reminding firms that on 1 November 2020, the six-month temporary time extension for firms to provide responses to financial difficulty complaints and complaints that have already been through internal dispute resolution will come to an end.

AFCA Datacube updated with latest complaint statistics

The Australian Financial Complaints Authority (AFCA) has today updated its online comparative reporting tool, the AFCA Datacube, to include information about all financial complaints lodged with it from 1 July 2019 to 30 June 2020.