© 2017 Sebastian De Brennan. Barrister at Law

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Australian Financial Complaints Authority (AFCA)

On 1 November 2018, the Australian Financial Complaints Authority (AFCA) came into effect. The AFCA replaces the Financial Ombudsman Service (FOS), the Credit and Investment Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT), with consumers now enjoying a single “one stop shop” for their external dispute resolution in realtion to financial products and services. Importantly, the AFCA has increased the jurisdictional limits for some financial disputes.

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