Invest
Financial firms given 9-day complaint leeway
Financial complaints could take longer to resolve, with the Australian Financial Complaints Authority lengthening the time frame for financial firms to respond to issues raised by individuals and businesses.
Financial firms given 9-day complaint leeway
Financial complaints could take longer to resolve, with the Australian Financial Complaints Authority lengthening the time frame for financial firms to respond to issues raised by individuals and businesses.
The change will see a nine-day extension come into immediate effect due to COVID-19 that is applicable to all complaints, including those relating to financial difficulty.
AFCA noted that while financial firms have previously had 21 days to respond when AFCA has notified them of a complaint, they will now have 30 days.
CEO and chief ombudsman David Locke said AFCA is aware of the difficult circumstances financial firms and the community are facing, and an extension “ensures all parties involved had sufficient time to work together to resolve the complaint”.
He outlined that “AFCA has been talking to key stakeholders and has heard the complexities facing financial firms, small business and consumers in the current environment”.
“We have worked with ASIC to get an extension to the time financial firms have to respond to complaints that have already been through internal dispute resolution processes.”
He explained that the extension “allows financial firms more time to resolve disputes with their customers, without the need to come to AFCA for an external dispute resolution service”.
It reportedly recognises the pressure parts of the financial services industry are under, with Mr Locke flagging “unprecedented levels of customer queries and financial hardship requests”.
“It also gives consumers more realistic expectations about when they will get a response.”
From a consumer perspective, the CEO conceded it is important to note “that if a financial difficulty case has been brought to AFCA, then in most cases, no enforcement action can be taken while the matter is with us”.
About the author
About the author
Advice
Study reveals the financial value of stay-at-home parents across the globe
A new index created by beikecelltherapy.com, a stem cell therapy expert, has quantified the time stay-at-home parents dedicate to their role and calculated the cost of outsourcing their tasks in 80 ...Read more
Advice
Securing success: Top real estate investment courses in Australia
Real estate investment in Australia offers a pathway to financial growth and stability, attracting both novice and seasoned investors. Read more
Advice
Navigating the path to citizenship: Real estate investment visa in Australia
Australia's robust economy, high standard of living, and vibrant culture make it an attractive destination for many seeking a new home. Read more
Advice
Email phishing attacks skyrocket due to ChatGPT's influence, experts warn
The rise of Generative AI technologies like ChatGPT has been met with a dramatic increase in cyber threats, particularly in the realm of email phishing attacks. Read more
Advice
Real estate investment for foreigners: A guide to investing in Australian property
Investing in Australian real estate presents a lucrative opportunity for foreign investors, offering a stable and growing market with potential for high returns. Read more
Advice
Smart investing: Using a real estate investment calculator for Australian properties
In the dynamic world of Australian real estate, making informed investment decisions is paramount. Read more
Advice
Choosing between bonds and equities: What’s best for you?
Investing can be a daunting task, especially when faced with the myriad of options available. Two of the most common asset classes are bonds and equities, both with their own unique characteristics ...Read more
Advice
Macquarie responds to ASIC's Federal Court proceedings
The bank has responded to civil penalty proceedings commenced by ASIC. Read more
Advice
Study reveals the financial value of stay-at-home parents across the globe
A new index created by beikecelltherapy.com, a stem cell therapy expert, has quantified the time stay-at-home parents dedicate to their role and calculated the cost of outsourcing their tasks in 80 ...Read more
Advice
Securing success: Top real estate investment courses in Australia
Real estate investment in Australia offers a pathway to financial growth and stability, attracting both novice and seasoned investors. Read more
Advice
Navigating the path to citizenship: Real estate investment visa in Australia
Australia's robust economy, high standard of living, and vibrant culture make it an attractive destination for many seeking a new home. Read more
Advice
Email phishing attacks skyrocket due to ChatGPT's influence, experts warn
The rise of Generative AI technologies like ChatGPT has been met with a dramatic increase in cyber threats, particularly in the realm of email phishing attacks. Read more
Advice
Real estate investment for foreigners: A guide to investing in Australian property
Investing in Australian real estate presents a lucrative opportunity for foreign investors, offering a stable and growing market with potential for high returns. Read more
Advice
Smart investing: Using a real estate investment calculator for Australian properties
In the dynamic world of Australian real estate, making informed investment decisions is paramount. Read more
Advice
Choosing between bonds and equities: What’s best for you?
Investing can be a daunting task, especially when faced with the myriad of options available. Two of the most common asset classes are bonds and equities, both with their own unique characteristics ...Read more
Advice
Macquarie responds to ASIC's Federal Court proceedings
The bank has responded to civil penalty proceedings commenced by ASIC. Read more