What is the Australian Financial Complaints Authority (AFCA)?

The Australian Financial Complaints Authority (AFCA) is a neutral intermediary in Australia's financial services sector, offering a free platform for unbiased conflict resolution for individuals and small businesses.

What types of matters does the AFCA handle?

AFCA deals with matters related to financial counsel, insurance, banking, and superannuation services.

How long do I have to submit a complaint to AFCA?

The customary timeframe for submitting complaints to AFCA is generally between two to six years, but a recent initiative by the Australian Government has extended this timeframe to a decade, specifically until 30 June 2020.

What should I do before engaging AFCA?

Before involving AFCA, you should first contact your financial institution to address your concerns. The institution must adhere to specified response timeframes based on the nature of the complaint.

How do I lodge a complaint with AFCA?

You can initiate the complaint process with AFCA through various channels such as online forms, email, telephone, or fax. It's essential to clearly explain the issue, provide supporting documents, and specify if you have a representative.

What happens after I lodge a complaint with AFCA?

After receiving your complaint, AFCA typically refers it to the relevant financial institution for direct engagement. If a resolution isn't reached, AFCA facilitates negotiations, including the exchange of settlement offers or telephonic conciliation.

What if negotiations don't lead to a resolution?

If negotiations or conciliatory discussions are unsuccessful, AFCA acts as an impartial assessor, providing a preliminary evaluation. This assessment can be accepted or rejected by both parties. If declined, AFCA delivers a binding decision, considering legalities and codes of practice, with resolutions based on the complexity of the case.

Category: Financial Statement

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