Australian Financial Complaints Authority information
Australian external dispute resolution company
Australian Financial Complaints Authority
Predecessor
Financial Ombudsman Service (FOS)
Credit and Investments Ombudsman (CIO)
Superannuation Complaints Tribunal (SCT)
Formation
1 November 2018; 5 years ago (2018-11-01)
Type
Ombudsman
Headquarters
Melbourne, Victoria, Australia
Location
Australia
Membership
Australian banks, insurers, credit providers, financial advisers and planners, debt collection agencies, superannuation members and other businesses that provide financial products and services
Chief Ombudsman
David Locke
Affiliations
Australian Securities & Investments Commission
Website
www.afca.org.au
The Australian Financial Complaints Authority or AFCA is an external dispute resolution (EDR) company for consumers who are unable to resolve complaints with member financial services organisations.[1] It is operated as a not-for-profit company limited by guarantee and was authorised in 2018 by the then Minister for Revenue and Financial Services, Kelly O'Dwyer, in accordance with the Corporations Act 2001 (Cth).[2]
AFCA replaced the three pre-existing EDR schemes of the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT).[3]
Membership of AFCA is a requirement under law or license condition of all financial firms and financial service providers.[4]
AFCA is led by the Chief Ombudsman and CEO, presently David Locke.[5][6]
^"Heraldsun.com.au | Subscribe to the Herald Sun for exclusive stories". www.heraldsun.com.au. Retrieved 16 November 2018.
^"Australian Financial Complaints Authority". treasury.gov.au. Retrieved 16 November 2018.
^"Super ombudsman's new powers will command respect". Australian Financial Review. 28 October 2018. Retrieved 16 November 2018.
^"ASIC warning to AFCA laggards | Money Management". 25 October 2018. Retrieved 16 November 2018.
^"Subscribe to The Australian | Newspaper home delivery, website, iPad, iPhone & Android apps". www.theaustralian.com.au. Retrieved 16 November 2018.
^"David Locke to Lead Australian Financial Complaints Authority | PBA". Pro Bono Australia. Retrieved 16 November 2018.
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