Financial ombudsman’s reach extended

Consumers with grievances against their financial institutions dating back to the period covered by the Hayne Royal Commission have an opportunity to lodge complaints with the Australian Financial Complaints Authority, following a move to extend the ombudsman’s jurisdiction. The Australian…

Consumers dealt a better hand in dispute resolution

Consumers will have better access to the financial ombudsman, following the Government’s introduction of regulations that require financial service providers to co-operate with the dispute body. Holders of Australian Financial Services Licences, Australian Credit Licences and Registrable Superannuation Entities must…

AFCA’s complaints mandate expanded

Consumers with complaints about their banks and other financial services providers dating back as far as 2008 will be able to have them heard, following the Government’s decision to allow the Australian Financial Complaints Authority to deal with complaints dating…

Consumer alert over complaints body membership

Consumers should check whether their financial services provider has registered as a member of the Australian Financial Complaints Authority, with the complaints body reporting that it is chasing up a significant number of business that have failed to register as…

New financial ombudsman opens for business

Australia’s new financial dispute resolution body starts accepting complaints this week, with a service that includes higher monetary limits on disputes and higher compensation payments. The Australian Financial Complaints Authority replaces the Financial Ombudsman Service, the Credit & Investments Ombudsman…

Kavanagh

The Australian Government deserves credit for combining Australia’s financial dispute resolution bodies into a single service with a wider jurisdiction, the Australian Financial Complaints Authority, which launches this week. But it also needs to recognise that what it has delivered…

Kavanagh

Labor senators on the Senate Economics Legislation Committee have issued a dissenting view in the committee’s review of the legislation that will establish the Australian Financial Complaints Authority. Let’s hope their views don’t prove persuasive. The move to establish a…