New financial ombudsman reveals strategy ahead of launch

18 October 2018
| By Nicholas Grove |
image
image
expand image

The Australian Financial Complaints Authority (AFCA), the new dispute resolution body which brings together the Financial Ombudsman Service, the Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal, has unveiled its strategy and new brand ahead of being open to taking complaints from consumers and small business on 1 November 2018. 

AFCA, which is the result of recommendations made by the 2016 Ramsay Review into external dispute resolution in financial services, has defined its purpose as being a provider of “fair, independent and effective solutions for financial disputes”.

“AFCA has given a commitment in its new strategy to proactively work with consumers, small business and the financial services sector to resolve and reduce financial disputes,” the organisation said.

“The new independent ombudsman body plans to do this through innovative solutions, education programs and communication with all stakeholders.”

AFCA said one of its priorities would be to “influence reform in the financial services sector by raising standards and improving internal practices to avoid and resolve disputes”. By doing this and by providing a fair, ethical and trusted service, AFCA said it seeks to help rebuild trust and confidence.   

It also claimed its services would be open to handling “many more financial disputes than were ever covered by the predecessor schemes”.

AFCA’s independent chairman Helen Coonan said the new organisation’s strategy reflects a “new direction and vision for external dispute resolution for financial complaints in Australia”.

AFCA’s chief executive and chief ombudsman, David Locke, said the service would offer an easy-to-use, efficient, timely and impartial scheme, that is free for all complainants.

“We are committed to actively engaging with diverse audiences, including those who may need extra help,” he said.

“AFCA is committed to ensuring that our decisions, actions and services are at all times fair and independent, transparent and accountable, honest and respectful, and proactive and customer-focused.”

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

2 months 1 week ago
Kevin Gorman

Super director remuneration ...

2 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

2 months 2 weeks ago

A healthy lifestyle doesn’t have to be a question of all or nothing. If you can take small, consistent steps to improve your wellbeing, then you’re on the right track. It...

20 hours ago

The $24 billion fund is now providing full-time super guarantees for part-time employees rejoining the workforce. ...

3 days 1 hour hence

New research by the Financial Services Council reveals Australians largely agree with the government’s proposed wording for the objective of superannuation towards retire...

1 day 23 hours hence