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Albany and the Great Southern
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A new agency to deal with complaints about financial products…

In February 2018, the Australian Government established the Australian Financial Complaints Authority (AFCA) –  an external dispute resolution (EDR) scheme, which will provide a single system to deal with complaints from individuals and small businesses in relation to financial services and products.

  • It replaces the Financial Ombudsman Service, the Credit and Investments Ombudsmen and the Superannuation Complaints Tribunal , and will start receiving complaints from consumers from 1 November 2018. 
  • It will hear complaints such as those about inappropriate or incorrect advice from a financial adviser;
  • complaints about an insurer’s decision to reject a claim; and
  • complaints about the amount deemed to be payable under a superannuation death benefit.
  • Importantly, small businesses which employ a larger number of employees are now able to apply, and significantly, there is no limit or cap for superannuation complaints, such as where tax has been withheld from a death benefit payment, or a Trustee has exercised the wrong discretion in payment as part of an Estate.
  • For any related matters, contact us today. Of particular relevance may be businesses who wish to make a complaint or lodge legal action against any financial provider.
By | 2018-09-13T07:14:05+00:00 September 13th, 2018|Springdale News|Comments Off on A new agency to deal with complaints about financial products…