Retirement
Government details new complaints body
The federal government has outlined some of the features of its new ‘one-stop shop’ financial services resolution scheme, known as the Australian Financial Complaints Authority (AFCA).
Government details new complaints body
The federal government has outlined some of the features of its new ‘one-stop shop’ financial services resolution scheme, known as the Australian Financial Complaints Authority (AFCA).
The new complaints authority will combine the responsibilities of three current bodies, the Financial Ombudsman Service, the Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal, and increased monetary limits will give it more power to redress wronged Australians, according to Minister for Revenue and Financial Services Kelly O’Dwyer.
The bill outlining AFCA’s establishment, Ms O’Dwyer noted, will include the transitional arrangements from the current three-body system to the new one (which will be complete by 1 July 2018), the enshrinement of existing super complaints processes and features, and the ability for the minister to appoint a minority of the group’s board, to ensure it has the appropriate experience when it commences.
The Australian Bankers’ Association (ABA) said it welcomed the changes to the dispute resolution system, describing it as a “win for consumers”.
“The ABA strongly supports moving to a one-stop shop to simplify how customers resolve complaints,” said Anna Bligh, the CEO of the ABA.
“External dispute resolution is an important alternative to the court system as it is free for customers to use and doesn’t require formal legal representation.”
Ms Bligh said the ABA “looks forward” to working with government to oversee the new authority’s implementation.
The Consumer Action Law Centre (which advocates for Australian financial services consumers) said it was pleased to see that AFCA would build on existing complaint bodies rather than “there being a competitive selection process for its authorisation”, adding that ombudsman schemes have been a “hallmark” of good consumer protection.
However, Consumer Action Law Centre CEO Gerard Brody noted that the full scope of the body’s role has not yet been publicly discussed.
“The details of the jurisdiction of the new AFCA is yet to be determined,” he said.
“We’re looking forward to further consultation on its terms of reference to ensure it’s an improved new scheme, building on the existing ombudsman services.”
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more