The Australian Financial Complaints Authority (AFCA) is the one-stop shop for financial complaints and offers consumers and small businesses access to financial dispute resolution in a free, fast and binding manner.
Section 4 of the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018 (the Act) requires the Minister to establish an independent review of the operation of AFCA. The Act also requires the Minister to table the review report in the Parliament within 15 sitting days after receiving the report.
The Treasury will undertake the review and is to report to the Minister for Superannuation, Financial Services and the Digital Economy by no later than 30 June 2021.
The scope of the review is set out in the terms of reference.
Targeted questions have been included as part of the terms of reference. All interested parties are invited to lodge submissions by 26 March 2021.