Upcoming changes to dispute resolution: the new Australian Financial Complaints Authority
The Australian Financial Complaints Authority (AFCA) is the proposed new dispute resolution body for the financial sector. Last week, the Government announced the latest step in the establishment of this new body with the appointment of a transition team for its establishment. By Dr Drew Donnelly, Compliance Quarter In today’s article, we summarise the proposals to date for overhauling external dispute resolution in financial firms. Note, that it is proposed that ‘financial firms’ be defined broadly so that the new framework will affect and apply to a vast range of businesses including: All Australian Financial Services (AFS) licensees credit providers regulated superannuation funds approved deposit funds retirement savings account providers and life policy funds and insurers. The transitional arrangements The focus for the newly appointed team is to ensure a…