The increased use of SMSFs has led to a rise in complaints to the industry dispute body according to one of its leading ombudsman.

Financial services firms that receive high levels of complaints will bear the brunt of costs under a new funding model released by AFCA.

A new merit assessment procedure will be used by AFCA in the early stages of financial services disputes to achieve overall efficiency.

AFCA has released a proposed user-pays funding model which it claims will move the cost burden onto those members who generate the most complaints.

AFCA has launched an interactive platform to help member firms manage real-time complaints and reduce disputes in the future.