The rise in complaints is attributed scams, insurance claim delays, and banking disputes, AFCA said.
July 31, 2023'NameCheck' will provide customers an indication of whether the name and account details they have entered in money transfers are correct.
February 6, 2023The new user-pay model will reward good performance and early resolution while apportioning fees fairly based on the actual use of AFCA’s services.
June 2, 2022Under the new model, about 20% of AFCA members would experience a decrease in fees, while 70% would see no impact.
March 16, 2022Treasury recommends government remove the legislative requirement for authorised credit representatives to be members of AFCA.
December 6, 2021The platform enables FIs to track complaints resolution and compare their performance against an anonymised set of similar financial firms.
November 24, 2021The Treasury will ascertain whether AFCA is operating effectively and achieving its objectives, and whether there is a need for a mechanism for reviewing the substance of its decisions.
February 26, 2021ASIC says the move will enhance transparency and accountability of firms’ performance in complaints handling, and of AFCA’s own decision-making.
August 27, 2019Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.
July 17, 2019A new law has made it mandatory for all financial firms to fully cooperate with AFCA to resolve consumer and small business disputes.
April 10, 2019