Company Research Report: Australian Financial Complaints Authority (AFCA)
Company Overview
Name, Mission of the Company
- Name: Australian Financial Complaints Authority (AFCA)
- Mission: To provide fair, free, and independent dispute resolution for financial complaints, assisting consumers and small businesses in resolving their issues with financial firms.
Founding Details
- Founded: No information is available
- Founder: No information is available
Key People
- Key People:
- Chief Ombudsman: No information is available
- Board Chair: No information is available
- CEO: No information is available
Headquarters
- Location: No information is available
Number of Employees
- Employees: No information is available
Revenue
- Revenue: No information is available
Company Recognition
- Known For: Resolving complaints that would traditionally be handled by the Financial Ombudsman Service, the Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal.
Products
Product Offerings
- Products:
- Dispute Resolution Services for financial complaints
High Level Description and Key Features
- High-Level Description:
- AFCA provides a range of services designed to help resolve conflicts between consumers, small businesses, and financial firms in a fair and effective manner.
- Key Features:
- Credit, finance, and loan complaints: Assists with disputes related to credit and loans.
- Insurance complaints: Handles complaints regarding insurance policies and claims.
- Banking deposits and payments complaints: Resolves issues concerning deposits and payment services.
- Investments and financial advice complaints: Focuses on disputes regarding investments and financial advice given by firms.
- Superannuation complaints: Covers complaints related to superannuation funds and retirement savings.
Recent Developments
Recent Developments in the Company
- General Updates:
- August 12, 2024: Article published on protecting super from scammers.
- July 26, 2024: Published annual Approach document schedule for financial year 2024-2025.
- July 22, 2024: Independent Decision Review confirmed AFCA’s commitment to fairness and impartiality.
- July 8, 2024: Erlene Graanoogst appointed as EGM of Operational Excellence.
- July 2, 2024: Independent Review Quarterly Update for June 2024 released.
- July 1, 2024: AFCA named Excellence Awardee in three Australian HR Awards.
- July 1, 2024: Published new Rules and Operational Guidelines effective from July 1, 2024.
- June 13, 2024: Sought feedback on proposed annual Approach document schedule for financial year 2024-2025.
- May 31, 2024: Updated the AFCA Datacube.
- May 29, 2024: Peter Kell appointed to chair AFCA’s Consumer Advisory Panel.
Recent Product Launches
- New Products Launched: No information is available
New Features Added to Existing Products
- New Features:
- New section in Rules effective from July 1, 2024, to ensure consistency with the AFCA Scheme Amendment (2024 Measures No. 1) Authorisation 2024.
- Adjustments to monetary limits and compensation caps due to indexation, effective January 1, 2024.
New Partnerships
- Partnerships:
- May 8, 2024: Signed memorandum with the Compensation Scheme of Last Resort Ltd (CSLR Ltd).
Additional Information
- Corporate Information:
- AFCA is governed by a set of Rules approved by ASIC, ensuring transparency and compliance with legislative requirements.
- Operates as a not-for-profit company, limited by guarantee, governed by a Board of Directors.
- Commitment to accessibility, independence, fairness, accountability, efficiency, and effectiveness.
- Publishes an Annual Review detailing operations and performance.
- Initiatives to improve stakeholder engagement, awareness, and accessibility.
Note: All the information above is curated based on the available data and fields with no information are explicitly stated.