AFCA names lead ombudsman
The Australian Financial Complaints Authority (AFCA) has announced the appointment of Natalie Cameron as its new lead ombudsman for banking and finance.
AFCA said Cameron was appointed after an extensive executive recruitment process, moving into the position from her current appointment as lead ombudsman for investments and advice at AFCA. She had been acting in the banking and finance role since January.
AFCA chief ombudsman and chief executive, David Locke, said: “Natalie brings to this role a wealth of experience in law, financial services and dispute resolution. She has already made an outstanding contribution as a lead ombudsman, both in investments and advice and as acting lead ombudsman in banking and finance.
“Natalie has a passion for access to justice and delivering fair outcomes for both consumers and financial firms. She is a highly-capable lawyer and she has an open and collaborative leadership style. She has already demonstrated that she can build strong relationships with both industry bodies and consumer organisations, and that she can make sound, impartial decisions without fear or favour.”
Shail Singh had taken over Cameron’s role in investments and advice in an acting capacity earlier this year and AFCA said this would continue for the next 12 months.
“Shail will continue acting in this role in a year when we are likely to see the implementation of a compensation scheme of last resort and the outcomes of the Quality of Advice review.”
Lead ombudsman for banking and finance was a key national role, with more than half of the 70,000-plus complaints AFCA registers each year coming from this sector, Locke said.
Cameron was a lawyer by profession and began her career with Clayton Utz, then joining the Australian Securities and Investments Commission (ASIC), where she focused on regulatory policy and markets.
In 2005 she moved to AIA Australia, initially as a lawyer, then as general counsel, before becoming chief operating officer (COO) and then chief group insurance officer. For two years she was CEO of AIA New Zealand. In 2017 she returned to Australia to join MLC Life as chief claims officer, then COO, before joining AFCA in June 2020.
Cameron said: “It is an honour to continue AFCA’s critical work helping consumers and financial firms to resolve disputes. Finding ways to bring fair and efficient resolution to disputes could not be more important in a changing banking and finance environment.
“As well as leading AFCA’s approach to complaints handling and decision-making in banking and finance, I look forward to ongoing engagement with the sector to help build on their positive work to prevent complaints arising.”
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