AFCA strengthens team


The Australian Financial Complaints Authority (AFCA) has announced it will be recruiting a new deputy chief ombudsman and general counsel to support AFCA through its rapid growth and the expansion of its jurisdiction.
Chief ombudsman and chief executive, David Locke, said that AFCA experienced an unprecedented level of complaints in six months of operation, with over 35,000 consumers and small businesses having had raised complaints with AFCA.
“This is extraordinary and really reflects an increased awareness by consumers of their rights, and an increased willingness to complain,” Locke said.
“Appointing the key senior roles of deputy chief ombudsman and general counsel will ensure AFCA is able to deliver a fair, proactive and customer-focused dispute resolution service in a rapidly changing, complex operating environment.”
He stressed that organisational culture and leadership would be a key focus to AFCA which would be also looking to work with the financial firms who are members to improve their Internal Dispute Resolution (IDR) practices.
In addition to this, AFCA would be also recruiting a lead ombudsman – banking and finance, following the resignation of Philip Field who would finish up at AFCA at the end of July.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.