The Australian Government has just launched an official complaints body for consumers who feel they have been unfairly treated within the finance sector.
The Australian Financial Complaints Authority (ACFA) is headed by David Locke, and is touted as a ‘one-stop shop’ for financial complaints.
AFCA will also put pressure on institutions to develop remediation schemes for people who have fallen victim to misconduct in the financial system.
This also means consumers no longer have to go through the tedium of making individual claims.
The body’s primary focus is to drive up standards in the industry. Here’s what else you should know.
We believe ACFA is an important step forward for the finance industry, as consumers can seek support and resolution, if they’re treated unfairly in the system.
This places greater pressure on the banks, and other institutions, to treat people with the respect and fairness they deserve.
Although we don’t like that certain institutions have treated consumers unfairly in the past, we do like that the Australian Government has stepped up, by creating an easy way for consumers to resolve cases of wrong doing.
ACFA replaces a number of bodies, including the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal.
Locke, the Chief Executive of ACFA, said these bodies were too inward looking.
“We have brought together the work but we’re not bound by the old ways of doing things,” he told news.com.au.
“We have a very different remit in terms of the rules, new approaches, more face-to-face conciliation.”
Locke went on to say that the Royal Commission had found significant failings within the financial sector.
“Public trust in the financial industry has taken a serious battering,” he said. “Rebuilding that trust can be challenging.”
ACFA is an important step towards building that trust, since consumers now have easy access to free, fair and independent dispute resolution for financial complaints.
If you feel you’ve been treated unfairly, head here and click on the area that applies to your situation.
The ACFA website is divided into 5 sections:
Each section offers clear information on how to deal with issues you may be experiencing within that sector.
Or, you can simply click on the Make a complaint button to contact ACFA direct.
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