AFCA to fast track COVID-19 related complaints
The Australian Financial Complaints Authority (AFCA) is prioritising complaints regarding COVID-19 to ensure those impacted have their issues resolved as quickly as possible.
In an announcement, AFCA said it would fast-track COVID-19 related complaints and would establish today a support hotline to ensure a priority service was provided for those impacted.
“AFCA will take into account the circumstances and context in which lenders and other financial firms are currently operating when considering complaints,” it said.
“AFCA understands that firms may be putting in place alternate staffing arrangements and may not be in a position to quickly act on requests for information.”
The authority also said it supported the Government and banking sector initiatives to assist small businesses and consumers to withstand challenges posed by the virus.
“AFCA supports the changes to responsible lending obligations proposed by the government and the initiatives designed to assist small businesses that encounter financial difficulty or require additional access to credit due to the impact of the COVID-19 pandemic,” it said.
AFCA encouraged financial firms to continue to:
- Work constructively and reasonably with affected consumers and small businesses during any period of disruption, particularly consumers and small businesses in hardship, or who may be experiencing difficulty repaying debt; and
- Openly and transparently communicate with consumers and small businesses about any delays they may experience in decision making, claims or complaints handling caused by the impact of COVID-19 on their business.
AFCA noted its staff were transitioning to work from home and that some staff might only be available via email. However, its main phone number and new hotline would operate with staff working from home.
AFCA’s new support hotline number is 1800 337 444.
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
