AFCA appoints new head of code compliance     

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The Australian Financial Complaints Authority (AFCA) has appointed a new leader of its Code Compliance and Monitoring Team. Prue Monument has joined as General Manager of Code Compliance and Monitoring and is also the new CEO of the Banking Code Compliance Committee. Rene van de Rijdt, who has been acting in the role since March,

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AFCA welcomes release of Independent Review’s report   

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The Australian Financial Complaints Authority (AFCA) welcomed the release yesterday of the report of the Independent Review into its financial dispute resolution service. AFCA agrees in principle with the report’s 14 recommendations. “Overall, this is a very positive report card, particularly for an organisation barely three years old,” Chief Ombudsman and Chief Executive Officer David

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AFCA launches new platform to improve dispute resolution 

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The Australian Financial Complaints Authority (AFCA) has launched a new digital platform to help financial firms better manage disputes that reach the ombudsman service. The new AFCA Member Benchmarking Dashboard is an interactive platform for financial firms that provides near real-time complaints data – updated daily – and gives individual firms a greater understanding of

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AFCA appoints seven Senior Ombudsmen

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The Australian Financial Complaints Authority (AFCA) has created the new role of Senior Ombudsman, and announced seven appointments, as it progresses projects to enhance the efficiency and effectiveness of its dispute resolution work. The new Senior Ombudsmen will work closely with AFCA’s Lead Ombudsmen in the areas of banking and finance, insurance, investments and advice, and

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Complaints about four major banks fall: AFCA 

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Consumer complaints about the four major banks fell seven per cent in 2020-21, the Australian Financial Complaints Authority (AFCA) says in new analysis of the 70,510 complaints it received overall in 2020-21. AFCA also said seven of the 10 firms with the highest number of complaints in 2020-21 had fewer disputes raised against them. The

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Most ‘know your client’ issues resolved early: AFCA

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Consumers who believe they’ve been given inappropriate advice or advice not in their best interest account for one in four Investments and Advice complaints but most of these complaints are resolved by agreement or do not go any further, data released by the Australian Financial Complaints Authority (AFCA) shows. Since AFCA’s inception in November 2018,

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AFCA receives 70,000 financial complaints in 2020-21

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Australians in dispute with banks, insurers, super funds, investment firms and financial advisers lodged more than 70,000 complaints with the Australian Financial Complaints Authority (AFCA) in the past 12 months. They secured more than $240 million in compensation and refunds after seeking AFCA’s help, as well as outcomes such as fee waivers, debt forgiveness and apologies. In addition, AFCA’s investigations into a range

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Why do clients complain about good advisers?

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Executive summary Even the best professional will receive a complaint from time to time. Some are unsubstantiated, and some are valid. Both are opportunities which can benefit your business through responding to valuable feedback of either a problem, or the perception of a problem. At the most basic level, clients complain when there has been

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AFCA announces John Pollaers OAM as next Independent Chair

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The Australian Financial Complaints Authority’s (AFCA) Board of Directors has announced the appointment of Professor John Pollaers OAM as its next Independent Chair. Prof Pollaers’ appointment follows the Hon Helen Coonan’s term of office as AFCA’s inaugural Chair. Prof Pollaers is Chancellor of Swinburne University of Technology, Chairman of the Australian Advanced Manufacturing Council and

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Increased AFCA powers will impact financial service providers and their insurers

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The Australian Financial Complaints Authority (AFCA) will have increased powers to investigate complaints up to 12 years old and, where appropriate, make binding directions for monetary compensation. AFCA was established in November last year to consider complaints against financial service providers such as banks, insurers and financial advisers. Under the AFCA’s current rules, complaints need

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