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Authorisation of body to operate the Australian Financial Complaints Authority

The Minister for Revenue and Financial Services yesterday announced the authorisation of Australian Financial Complaints Limited to operate the Australian Financial Complaints Authority (AFCA).

AFCA is the new one-stop-shop for financial complaints, and will replace the Superannuation Complaints Tribunal (SCT), the Financial Ombudsman Service and the Credit and Investments Ombudsman.

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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.

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