Navigating the Process of Filing a Complaint with the Australian Financial Complaints Authority

The Australian Financial Complaints Authority (AFCA): Your Pathway to Resolving Concerns

In the realm of financial services in Australia, the Australian Financial Complaints Authority (AFCA) stands as a neutral intermediary, providing individuals and small businesses with a platform for unbiased conflict resolution, free of charge.

AFCA serves as the recourse for matters encompassing financial counsel, insurance, banking, and superannuation services. While the customary window for submitting complaints to AFCA generally spans between two to six years, a recent initiative by the Australian Government has extended this timeframe to a decade. This progressive move allows those with grievances dating back up to 10 years – specifically until 30 June 2020 – to step forward and voice their concerns. To embark on this process, adhering to AFCA’s prescribed procedure is essential.

Contact your financial firm

Initiate Communication with Your Financial Institution Prior to engaging AFCA, it’s pivotal to first establish contact with your respective financial institution. This initial point of contact holds significance, and the institution is bound to adhere to specified response timeframes:

• 90 days for matters related to superannuation or traditional trustee concerns.
• 21 days for cases involving financial hardship.
• 45 days for all other forms of complaints.

In situations where the institution’s response is not forthcoming within the stipulated timeframe, or if the response received is unsatisfactory, AFCA can be brought into the dialogue.

Lodging Your Grievance with AFCA

Commencing the process of registering your complaint with AFCA can be achieved through multiple channels – online forms, email, telephone, or fax. When initiating this communication, it’s crucial to articulate the nature of the issue concisely. If you opt for a representative to present your complaint, this information should be conveyed to AFCA. Additionally, evaluating the extent of your losses and gathering pertinent supporting documents are important preparatory measures. Individuals grappling with financial difficulties should supplement their submission with a Statement of Financial Position.

The subsequent course of action by AFCA typically involves referring your complaint to the concerned financial institution, primarily for direct engagement. This initial phase allows the institution 21 days to collaborate with you toward reaching a resolution.

In instances where a mutually agreeable resolution remains elusive, AFCA steps in with facilitation efforts. This includes the exchange and discussion of settlement offers between both parties or potentially organizing a telephonic conciliation conference.

Should these negotiations or conciliatory discussions prove unfruitful, AFCA takes on the role of an impartial assessor, presenting a preliminary evaluation. This assessment is then open for acceptance or rejection by both you and the financial institution.

Get Ahead with Expert Legal Guidance

Trust Aylward Game Solicitors to Navigate Your Legal Challenges

Schedule Your Appointment Now

Call Us (1800) 217 217

In cases where either party declines the assessment, AFCA undertakes the responsibility of delivering a binding decision, factoring in applicable legalities, and codes of practice, as the information submitted by both sides. Swift resolution is accorded to low-value, single-issue complaints, adjudicated by an AFCA representative within two weeks. Standard and intricate cases are entrusted to an ombudsman or a panel, with resolutions typically concluded within four to eight weeks. Matters concerning financial hardship are addressed within a span of 4 weeks.

FAQ