AA

Australian Financial Complaints Authority

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.