As flagged in our blog earlier this year, “AFCA is coming”, the Australian Financial Complaints Authority (AFCA) started on 1 November 2018.
It is a merger of 3 financial complaints schemes:
- The Financial Ombudsman Service (FOS);
- The Credit and Investments Ombudsman (CIO); and
- The Superannuation Complaints Tribunal (SCT).
What complaints does AFCA deal with?
All new superannuation, life and general insurance, financial advice and banking complaints go to AFCA, as do existing complaints.
The one exception is existing superannuation complaints which stay at the Superannuation Complaints Tribunal.
What limitations are there on what AFCA can deal with?
There are still some limitations on the type of complaints AFCA will be able to deal with; for example, there are some dollar limits and some time restrictions.
AFCA is an alternative to the courts, although you may still have the right to take an unsuccessful complaint to the courts.
Can I have legal representation at AFCA?
You can be legally represented at AFCA and we have represented hundreds of clients at the ombudsman schemes.
It’s important to get advice about your rights; whether you should lodge a complaint to AFCA or court and how to run the matter.
At Berrill & Watson, we provide FREE advice in relation to your super and insurance concerns.
If you need advice or assistance in relation to your Super TPD, income protection, life or other insurance claims, or problems associated with financial and banking services, feel free to get in touch directly with today’s blog writer, John Berrill.