The Australian Financial Complaints Authority or 'AFCA' is a new external dispute resolution (EDR) scheme to deal with complaints from consumers involving financial services and products. It will be operated by a not-for-profit company limited by guarantee authorised by the Minister for Revenue and Financial Services (Minister).
AFCA replaces the three existing EDR schemes of the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT) so that consumers have access to a single EDR scheme.
Membership of the company will be required under law or a licence condition of a financial firm. AFCA operations will be financed by contributions made by its members. The scheme will be free to consumers.
- be the single point of contact for complainants for EDR services;
- have higher monetary limits;
- be more accountable to users, including by having an independent assessor to deal with complaints about its handling of disputes; and
- have rules (terms of reference) to support its dispute resolution functions and legislation in the case of superannuation disputes.
Are you currently a member of CIO?
From the 7 August 2018, AFCA will be notifying CIO members on how they can secure their EDR membership with AFCA. You will need to secure your AFCA membership by 31 August 2018.
Licensee holders, Aggregators and Privacy Act members at CIO will be emailed an invitation to complete an annual assessment and member declaration to become an AFCA member. Please do not apply for new membership via the application below.
Authorised Credit Representatives (ACRs) will be directed to apply for membership and provided the membership ID of their Licensee.
For additional assistance with this transition your CIO membership, please email firstname.lastname@example.org or call 1300 56 55 62.
For more information & Frequently Asked Questions please access the AFCA website on the link below: