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The terms of reference for the review of the Australian Financial Complaints Authority (AFCA) have been revealed, and stakeholder feedback is being sought by the government on the regulators functions and performance.
The review, which is required under the enabling legislation that authorises AFCA, will allow Government to test if AFCA is working effectively to meet the needs of users and its members. The review will be independent of AFCA and conducted by Treasury, with a report to be finalised by 30 June 2021.
The legislation underpinning the establishment of AFCA requires the Minister to cause an independent review of AFCA as soon as practicable after 18 months of operation. The review was not conducted earlier due to the impact of the coronavirus pandemic.
Targeted questions have been included as part of the terms of reference, and Treasury is commencing the review by seeking submissions from interested parties. All interested parties are invited to lodge submissions through the Treasury website before consultation closes on 26 March 2021.
You can visit the Treasury website for further information.
Australians customers in dispute with their bank, insurer, super fund or financial firm have lodged more than 80,000 complaints in the last 12 months
The Australian Financial Complaints Authority has strongly supported the addition of new product intervention power to ASIC's regulatory toolkit.
ASIC has welcomed the authorisation of a new single external dispute resolution (EDR) scheme for consumer and small business complaints: the Australian Financial Complaints Authority
AFCA will be established as a free, binding dispute resolution service to hear financial complaints from consumers, small businesses and retail investors.