Consultation now open on AFCA Rules changes ahead of Superannuation Complaints Tribunal ceasing operations

As part of transition arrangements in relation to the Superannuation Complaints Tribunal (SCT) ceasing operations after 31 December 2020, the Australian Financial Complaints Authority (AFCA) is seeking submissions on proposed changes to its Rules.

AFCA makes submission to ASIC’s product intervention power on add-on motor vehicle financial risk products consultation

The Australian Financial Complaints Authority (AFCA) has published its submission to ASIC’s consultation on the proposed use of its product intervention powers to address significant consumer harm caused by the sale of add-on insurance and warranty products sold with motor vehicles.

AFCA makes submission to ASIC’s product intervention powers consultation

The Australian Financial Complaints Authority (AFCA) has published its response to ASIC’s consultation on the proposed use of its product intervention powers to address significant consumer detriment arising from continuing credit contracts being provided to retail clients under a ‘collateral services’ model.

AFCA appoints Head of Membership Services

The Australian Financial Complaints Authority (AFCA) is pleased to announce the appointment of Mr. Campbell Daff to the newly created position of Head of Membership Services.

Insurance Council and AFCA agree to launch business interruption test case

The Insurance Council of Australia (ICA) and the Australian Financial Complaints Authority (AFCA) have agreed to file a test case considering the application of infectious diseases cover in business interruption policies.

AFCA welcomes updated guidance on IDR procedures

The Australian Financial Complaints Authority (AFCA) has welcomed the Australian Securities and Investments Commission’s (ASIC) updated guidance on Internal Dispute Resolution (IDR). 

AFCA receives more than 80,000 complaints in FY19/20, nearly 5,000 of which are COVID-19 related

Australians in dispute with their bank, insurer, super fund or financial firm have lodged more than 80,000 complaints in the last 12 months, with the Australian Financial Complaints Authority (AFCA) securing $258.6 million in compensation and refunds direct to consumers.

AFCA receives more than 3100 complaints relating to COVID-19

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The Australian Financial Complaints Authority (AFCA) has received over 3180 COVID-19 related financia

AFCA launches new videos for diverse communities 

The Australian Financial Complaints Authority (AFCA) is today launching improved online resources in languages other than English to make it easier for all communities to access financial dispute resolution. 

AFCA strongly welcomes ASIC’s relief measures for early access to super advice

The Australian Financial Complaints Authority (AFCA) will take into account the financial regulator’s changed approach to advice about early access to superannuation when dealing with complaints that arise due to COVID-19.