AFCA to review legacy financial complaints

The authority's remit will be expanded for a period of 12 months
AFCA to review legacy financial complaints
INSURANCE NEWS
By Mina Martin
21 Feb 2019

The Australian Financial Complaints Authority (AFCA) will be able to review legacy financial complaints from July 01, allowing thousands of Australians consumers to gain access to justice and redress.

David Locke, chief ombudsman and CEO, said AFCA’s remit will be expanded for a period of 12 months, from July 01, 2019 to June 30, 2020, to accept eligible complaints regarding conduct dating back to January 01, 2008.

“In most cases, we are currently only able to consider matters that have occurred within the last six years,” Locke said. “When a complaint has been through a financial firms’ internal dispute resolution process, this timeframe is reduced to two years. This change means that many more people will be able to get access to justice and have their matters properly considered.”

AFCA’s new power will take effect after its rules have been updated. AFCA will run a limited consultation regarding required changes to its rules, which will require the approval of the Australian Securities and Investments Commission.

“We will be issuing guidance prior to 01 July 2019 to explain how people can raise their matters with us,” Locke said.

Related Stories
Free newsletter

We'll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Free newsletter

Our daily newsletter is FREE and keeps you up - to - date with the world of Insurance. Please complete the form below and click on subscribe for daily newsletters from IB AU.