FOS welcomes the introduction of the legislation as the next important step in establishing the Australian Financial Complaints Authority (AFCA) as the new single, independent financial services dispute resolution body.
We also welcome the increase in claim and compensation limits for the new one-stop-shop announced by the Minister today. This is consistent with our submissions to the Ramsay Review and will help enhance access for consumers and small businesses to the new single dispute scheme.
“We continue to support the establishment of a new single and enhanced body for the resolution of financial and superannuation disputes based on the key elements of the industry ombudsman model, with additional statutory powers where required," said FOS Chief Ombudsman, Shane Tregillis.
“This will help simplify, strengthen and increase access to free external dispute resolution for consumers and small businesses,” he added.
Now that the legislation has been introduced, FOS looks forward to working closely and collaboratively with Dr Edey’s transition team and with all stakeholders in helping develop the operational details of the new scheme to facilitate the well-managed introduction of AFCA.