AFCA creates new role to strengthen focus on systemic issues

AFCA creates new role to strengthen focus on systemic issues | Insurance Business

AFCA creates new role to strengthen focus on systemic issues

The Australian Financial Complaints Authority (AFCA) has created a new leadership role to bolster its work in raising standards and minimising consumer harm.

The new role of lead ombudsman for systemic issues and remediation is tasked to provide professional and technical leadership for all of AFCA’s systemic issues and serious contraventions investigations, along with overseeing AFCA’s remediation work.

“Our systemic issues work gives us the opportunity to help financial firms fix issues that cause complaints and prevent more from occurring,” said David Locke, AFCA CEO and chief ombudsman. “It also helps raise industry standards and prevents harm to consumers. The creation of the new position of lead ombudsman [for] systemic Issues and remediation demonstrates that we take our role in identifying and resolving systemic issues very seriously.”

Locke said AFCA has identified and resolved 167 definite systemic issues over the past 12 months, as well as referred 30 possible serious contraventions to regulators.

AFCA is also currently recruiting for two roles – lead ombudsman for superannuation and lead ombudsman for investments and advice. Both roles were previously held by June Smith, who was promoted to deputy chief ombudsman.