Australian Financial Complaints Authority (AFCA)

Description

On 9 May 2017, based on the findings and recommendations of the Review of external dispute resolution and complaints arrangements in the financial system (the Ramsay Review), the government endorsed the establishment of a single scheme to deal with all financial disputes (including superannuation disputes), combining and streamlining the existing three external dispute resolution (EDR) schemes into the new Australian Financial Complaints Authority (AFCA).

AFCA is not a government department or agency, and neither are they a regulator of the financial services industry. AFCA is a not-for-profit company, governed by a board of directors, which includes equal numbers of industry and consumer representatives. The purpose of AFCA is to be a ‘one-stop shop’ dispute resolution body to ensure that consumers and small businesses have access to free, fast, and binding dispute resolution.

All Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees are required to be a member of AFCA under their financial services license conditions.

This course has been designed to provide an overview of the guidance provided by the Australian Financial Complaints Authority (AFCA) on both organisations and consumers.

Estimated Time To Complete

Learning Outcomes

By the end of this course, you will be able to