The Insurance Council of Australia (ICA) has welcomed the passing of the Australian Financial Complaints Authority Bill (AFCA), saying the one-stop-shop dispute-resolution body will significantly simplify the process for individuals and small businesses.
The industry body also said AFCA, which will commence on Nov. 1, should be a win for consumers and small businesses with a financial sector dispute, as it helps reduce the confusion many customers experience over the process.
“Combining the resources of the Financial Ombudsman Service, the Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal is likely to generate efficiencies and improve the financial dispute resolution experience,” said ICA CEO Rob Whelan. “An organisation that gives consumers access to a service that seeks to resolves disputes in a timely, efficient manner is a positive move toward consumer and small business protection.”
