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 scope of the review is set out in the terms of reference.
The final report for the Review was handed to the Minister for Superannuation, Financial Services and the Digital Economy, Minister for Women's Economic Security on 26 August 2021.
The Review of the Australian Financial Complaints Authority (AFCA) received 167 submissions, including 42 confidential submissions.
Confidential submissions will not be published. Non‑confidential submissions will be published unless they are considered unsuitable for publication because, for example, they contain content that is defamatory, obscene, indecent, threatening or abusive or raise significant privacy concerns. Partial redaction has been applied where this would allow the remainder of a non‑confidential submission to be suitable for publication.