Accounting, Financial Planning

Govt marks start of new complaints system

The federal government noted the commencement of the Australian Financial Complaints Authority (AFCA) today stating consumers and investors will benefit from increased access to redress.

Speaking at the Institute of Public Accountants’ (IPA) 2018 National Congress in Sydney today, Assistant Treasurer Stuart Robert said the free dispute resolution system will provide the financial services industry with higher monetary limits and compensation caps than what was available under previous dispute resolution bodies.

Following the Ramsay review, the government solidified AFCA on 1 May to bolster consumer and investment confidence in financial services and provide access to fast dispute resolution for all financial complaints.

The body combines the functions of the Financial Ombudsman Service, Credit and Insurance Ombudsman, and Superannuation Complaints Tribunal, simplifying the existing avenues of redress for financial services consumers.

The passage of the legislation establishing the streamlined dispute resolution body was announced in February by former Revenue and Financial Services Minister Kelly O’Dwyer, and Small and Family Business Minister Craig Laundy.

Elsewhere in the address Robert, told delegates he will be seeking to pass five bills through the senate including the bill on the superannuation guarantee amnesty.

Robert was responding to comments made by IPA technical policy and public affairs general manager Tony Greco, who raised concerns about practitioners lacking certainty on various pieces of legislation that are in limbo.

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