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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AFCA open for business: time for licensees to update ASIC with their AFCA membership details

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ASIC has welcomed the achievement of a major milestone for Australian consumers and small business – the start of Australia’s new financial services dispute resolution scheme, the Australian Financial Complaints Authority (AFCA). More than 35,000 firms operating across financial services, credit and superannuation have joined AFCA, and from 1 November 2018 their customers will have […]

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