AFCA gets the all clear to name and shame

ASIC has given the Australian Financial Complaints Authority the go-ahead to name firms in its published determinations, in a significant departure from the practices of its predecessor organisations. In June, AFCA released a consultation paper on the issue, saying the…

AFCA jurisdiction extended

The Australian Securities and Investments Commission has approved changes to the Australian Financial Complaints Authority rules to allow it to deal with complaints dating back to 2008. AFCA’s mandate will be extended for 12 months to allow it to deal…

AFCA to name institutions in determinations

In a significant departure from the practices of its predecessor organisations, the Australian Financial Complaints Authority plans to identify financial institutions in its published decisions. AFCA has released a consultation paper and draft rules setting out its plan, which it…

AFCA’s comparative reporting plan ‘inadequate’

The Australian Financial Complaints Authority has been called on to sharpen aspects of its proposed comparative reporting model, including a more comprehensive “business sizing metric” and more information on the outcomes of disputes. AFCA has issued a consultation paper to…

FPA asks which rules will apply to AFCA’s extended jurisdiction

The Financial Planning Association has raised concerns about the plan to extend the Australian Financial Complaints Authority’s mandate back to 2008, saying there is doubt about whether professional indemnity policies will cover “legacy complaints”. The FPA also says it is…

AFCA sends out the search party

The Australian Financial Complaints Authority is chasing up a significant number of financial service providers that have failed to register as members. The new financial ombudsman service, which opened for business on November 1, has published a list of 231…