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Australian Financial Complaints Authority - legislation introduced

Last week, legislation for the creation of the Australian Financial Complaints Authority (AFCA) was introduced to Parliament. AFCA will be a new one-stop-shop dispute resolution scheme that will replace the Superannuation Complaints Tribunal (SCT), the Financial Ombudsman Service and the Credit and Investments Ombudsman.

The legislation provides that SCT cannot receive new complaints once AFCA begins to receive disputes. However, SCT will continue to resolve its existing complaints and will operate alongside AFCA for a period.

Chairperson Helen Davis reaffirmed SCT's commitment to robust external dispute resolution for superannuation consumers.

"We will continue to work with government and stakeholders to share our specialist expertise in the resolution of superannuation complaints," said Ms Davis.

"For now, SCT remains the external dispute resolution service for superannuation-related complaints. We’d like to assure any current and future complainants that SCT remains open for business."

 

For more information about AFCA, please refer to this media release from Treasury.

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