Naritas Finance
Daily Bulletin

Money

  • Written by Media Release
The Australian Financial Complaints Authority (AFCA) notes the final report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The final report was handed down to the Governor-General on 1 February 2019.AFCA Chief Executive and Chief Ombudsman, David Locke said, “AFCA welcomes the recommendations in Commissioner Hayne’s final report and the Government’s response. We believe these measures are critical to ensuring that consumers and small businesses are treated fairly.”

Specifically, AFCA notes Commissioner Hayne’s recommendation and the Government’s response on the establishment of a compensation scheme of last resort.

“AFCA and its predecessor schemes have long advocated for the establishment of a compensation scheme of last resort,” said Mr Locke.

“A compensation scheme of last resort is a really important back-stop that ensures that people who have been the victims of misconduct, and lost out through no fault of their own can finally be properly compensated. We look forward to working with the government to implement this important reform,” Mr Locke continued.

AFCA was established on 1 November 2018 and is a one-stop-shop that consumers and small business owners can use free of charge, for fair, independent and effective solutions to their financial disputes.

“The announcement from the Government today that AFCA will now be able to consider some of the legacy disputes excluded by the predecessor schemes going back to 1 January 2008, means that many more people will be able to get access to justice and have their matters properly considered. This is a really positive step for consumers and we will be issuing guidance shortly to assist people to bring these disputes to us,” Mr Locke said.
 
AFCA also welcomes the Commissioner’s recommendation in respect of section 912A of the Corporations Act 2001, to require that Australian Financial Services Licence holders take reasonable steps to cooperate with AFCA in its resolution of complaints, by making available to AFCA all relevant documents and records relating to issues in dispute. This will enhance AFCA’s effectiveness as an independent external dispute resolution scheme for consumers and small businesses.

The Government announced that AFCA will also play an increased role in relation to remediation schemes that are run to compensate consumers. Mr Locke also welcomed this: “AFCA already has considerable experience of working on remediation schemes, and where we are involved at an early stage we are able to ensure that these are designed and implemented in a way that delivers fair outcomes for consumers. We welcome an increased role in this important work.”

AFCA will continue to work with our members to improve standards and minimise disputes, improving practices and achieving fair, timely outcomes for consumers and small businesses.

AFCA is firmly on the side of fairness and we believe that ensuring fair outcomes for consumers is a critical first step to rebuilding trust and confidence in financial services.

A full statement can be found on the AFCA website: https://www.afca.org.au/news/latest-news/afcas-response-to-the-royal-commission-final-report/.
 
About AFCA
The Australian Financial Complaints Authority (AFCA) is a free and independent ombudsman service that resolves complaints by consumers and small businesses about financial firms. AFCA was established following the 2016 Ramsay Review into how Australia’s external dispute resolution framework could be improved to deliver effective outcomes for all Australian consumers and small business.

On 1 November 2018, AFCA replaced the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal as the one-stop-shop for financial dispute resolution. Consumers and small businesses can lodge a complaint to AFCA online at afca.org.au, via email to info@afca.org.au or by phoning 1800 931 678.

Politics

Prime Minister - Cystic Fibrosis Specialist Unit

STRENGTHENING AUSTRALIA’S WORLD-CLASS HEALTH SYSTEM The Morrison Government will invest $65 million to establish the first dedicated Cystic Fibrosis Specialist Unit, offering world-class care for t...

Scott Morrison - avatar Scott Morrison

Tasmanian Defence Innovation and Design Precinct

MORRISON GOVERNMENT DELIVERS ON DEFENCE INNOVATION PRECINCT FOR LAUNCESTON The Morrison Government will invest $30 million in Phase 1 of the Tasmanian Defence Innovation and Design Precinct at th...

Media Release - avatar Media Release

Alan Jones interview with Scott Morrison

Bill Shorten’s big new taxes; our strong Budget for a strong economy; supporting essential services; Murray Darling Basin; ALAN JONES: Prime Minister, good morning. PRIME MINISTER: Good morning A...

Alan Jones - avatar Alan Jones

Business News

How to Become a Farmer That Makes Serious Profits in 5 Steps

A career in farming can be incredibly lucrative, if you have the right tools and know-how. Here's how to become a farmer that makes big profits in 5 steps.   Australia's farm industry makes up abo...

News Company - avatar News Company

5 signs you need to update your office furniture

Sometimes it is obvious that you need to update your workplace furniture. It may be physically broken, like an office chair that has lost its ability to be adjusted up and down. Or perhaps the desks...

Belinda Lyone, General Manager of COS - avatar Belinda Lyone, General Manager of COS

Independent online mortgage marketplace HashChing

MORTGAGE MARKETPLACE LAUNCHES CONVEYANCING SERVICES TO MAKE HOME LOAN PROCESS CHEAP AND FAST New legal partnership gives borrowers easy, online access to high quality solicitors at a fixed price  ...

Media Release - avatar Media Release

Travel

Things to Consider Before Emigrating to Australia

Moving abroad is often a big and an overwhelming decision that can hugely change your life and your future. Therefore, it is important to spend some time considering where you want to move to and rese...

News Company - avatar News Company

The Majestic City of Innsbruck

Innsbruck is the capital city of Tyrol and is the fifth largest city in Austria. It is located in western Austria between the high mountains of Karwendel Alps in the north and Patscherkofel in t...

Nico Hoffmann - avatar Nico Hoffmann

Bedsonline hosts Australian events to celebrate new brand launch

SYDNEY, April 15, 2019 Bedsonline(https://www.bedsonline.com/home/en-na), the leading global provider of accommodation and complementary travel products exclusively for travel agents, has hosted a ser...

Bedsonline - avatar Bedsonline

ShowPo