The Government is continuing to overhaul the dispute resolution framework for financial services in Australia with the creation of a transition team to lead the establishment of the Australian Financial Complaints Authority (AFCA).
The transition team has been tasked with ensuring that AFCA, the new one-stop-shop for all financial and superannuation disputes, is operational by 1 July 2018, so that consumers and small businesses get the practical benefits of free, fast, fair and binding dispute resolution.
The transition team will advise the Government on AFCA’s terms of reference, governance and funding arrangements. It will also make recommendations on the authorisation process for AFCA and the transitional arrangements required to appropriately settle the cases currently before the three existing schemes.
Once legislation to establish the AFCA has passed the Parliament, the focus of the transition team will shift to overseeing the operational transition from the existing schemes to AFCA.
The transition team will consult extensively with industry and consumer stakeholders, as well as the Financial Ombudsman Service, Credit and Investments Ombudsman and Superannuation Complaints Tribunal.
Source: The Commonwealth of Australia