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Australian Financial Complaints Authority – legislation passed

Earlier this week, the Bill to establish the Australian Financial Complaints Authority (AFCA) passed through 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 Government announced that AFCA will start receiving disputes from no later than 1 November 2018. SCT will continue to operate for a time after AFCA's introduction to resolve outstanding complaints.

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.

"A smooth transition is essential for current and future complainants," she said. At 31 December 2017, SCT had 1774 open complaints.

Until AFCA commences operations, SCT remains the external dispute resolution service for superannuation-related complaints, and was recently allocated additional funding in the MYEFO update to the 2017-18 Australian Government budget to support the resolution of open complaints.

You can view the full Treasury media release here.