FOS welcomes the passage of legislation to create the Australian Financial Complaints Authority (AFCA). The passing of the AFCA legislation provides certainty about the future of dispute arrangements for the financial sector.
“The establishment of AFCA will simplify, strengthen and increase access to free external dispute resolution for individuals and for small businesses,” said FOS Chief Ombudsman Shane Tregillis.
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has announced that AFCA will commence no later than 1 November 2018.
FOS will continue working closely with Dr Malcolm Edey’s transition team, ASIC and all stakeholders to enable AFCA to be ready to operate by the commencement date.
Virginia Wallace, firstname.lastname@example.org