26 September 2023

AFCA on road to solve finance complaints

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The Australian Financial Complaints Authority (AFCA) is to hit the road next week offering people across Australia the chance to undergo free Financial Fairness Checks and raise awareness of AFCA’s dispute resolution services.

Established last November, AFCA is the one-stop-shop for consumers and small businesses with complaints about financial firms including banks, credit and insurance organisations, investments, financial advice and superannuation.

According to AFCA’s Chief Ombudsman and Chief Executive, David Locke (pictured) the Authority’s Financial Fairness Roadshow will be a roaming information centre to help guide consumers and small businesses through the process of lodging a complaint.

Mr Locke said new research showed that fewer than one of every two people with a concern about their financial firm actually lodged a complaint.

“The Roadshow is an important step in ensuring all Australians understand their rights and know what to do when they have an unresolved issue with their financial firm,” Mr Locke said.

“When people run into an issue with their financial provider, many don’t know they can actually make a formal complaint and get it fixed,” he said.

“If it’s something you’ve felt strongly enough to complain about to your friends and family, chances are you have a case to pursue.”

He said AFCA was a free, fair and independent service.

“It’s confusing to work out what to do when something does go wrong — which is why AFCA is traveling around Australia, to make sure people do know where to go when they have a problem,” Mr Locke said.

“We’re also letting people know they have a one-year window to lodge complaints dating back to 2008. The special rules around ‘legacy complaints’ have been set by the Government and AFCA can accept legacy complaints until 30 June, 2020.”

He said that in its first 10 months of operation AFCA had received more than 60,687 financial complaints and awarded more than $144.7 million in compensation.

Information about AFCA’s Financial Fairness Roadshow, including its event locations, can be accessed from its website at this PS News link.

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