The new Australian Financial Complaints Authority (AFCA) is the dispute resolution scheme for financial services. It considers complaints that previously would have been handled by the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal.
It considers complaints about:
- credit, finance and loans
- banking deposits and payments
- investments and financial advice
The role of AFCA is to assist consumers and small businesses to reach agreements with financial firms about how to resolve their complaints. It is free, impartial and independent, and does not act for either party. AFCA accepts complaints from consumers and small businesses (businesses with fewer than 100 employees) about a financial service or product. AFCA can decide that a financial firm should:
- pay a sum of money
- forgive or vary a debt
- release security over a debt
- repay, waive or vary a fee or other amount paid, or owing, to a financial firm or its representative or agent, including varying the applicable interest rate on a loan
- reinstate, rectify or properly perform a contract
- in cases of financial hardship, vary the terms of a credit contract
- meet a claim under an insurance policy.
You can find more ombudsman services and places to get help on our Getting help page.