Money matters can often be difficult at the best of times. If you have a complaint, you can approach the multiple external dispute resolution bodies to help you solve it, but it can often feel frustrating finding the right one. Until now.
A 2016 Government review, named the Ramsay Review, of the current complaints handling framework recommended the establishment of a single external dispute resolution body to replace the existing framework. This ‘one stop shop’ is known as the Australian Financial Complaints Authority (AFCA).
From 1 November, 2018 AFCA will replace the existing three external dispute resolution bodies, Superannuation Complaints Tribunal (SCT), the Financial Ombudsman Service (FOS), and the Credit and Investment Ombudsman (CIO).
Consumers will still be able to lodge complaints with the existing dispute resolution bodies until AFCA commences. The SCT will also continue to manage any complaints they currently have until they are resolved.
For more information, please visit AFCA’s website at www.afca.org.au