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.
You can submit responses to this consultation up until 26 March 2021. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
AFCA Review Secretariat
Financial System Division
Parkes ACT 2600