Seven consumer groups made a joint submission to Treasury’s consultation on the Establishment of the Australian Financial Complaints Authority (AFCA).
Consumer advocates are very supportive of the move to a new one-stop shop external dispute resolution (EDR) scheme that implements the considered recommendations of the Ramsay EDR Review. The proposed Australian Financial Complaints Authority can build on the success of the existing EDR framework, and extend the benefits of EDR to superannuation customers for the first time.
It is essential to get AFCA’s terms of reference right and ensure it incorporates and builds on the beneficial features of the Credit and Investments Ombudsman and Financial Ombudsman Service that have resulted from years of continuous improvement and consumer advocacy.
This joint submission identifies some of the most important features of an accessible and high-quality EDR scheme, and requirements for an effective transition.171129 Joint Consumer Submission - Establishment of AFCA