AFCA empowered to deal with historic complaints

Financial planning firms with long-running client disputes should brace themselves for referral to the Australian Financial Complaints Authority (AFCA), following a key move by the Treasurer, Josh Frydenberg.

The Treasurer has announced that the Government has extended AFCA’s remit to consider financial complaints dating back to 1 January, 2008, consistent with the time-span examined by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

He said that AFCA would be able to consider disputes dating back to 1 January, 2008, that had not previously been hard and which fell within AFCA’s current monetary limits and compensation thresholds.

Related News:

Frydenberg said that to give effect to the direction, AAFCA would now consult on updating its rules so that it was in a position to begin receiving complaints under its expanded remit from 1 July, this year.

The ANZ has already committed to allowing AFCA to examine cases dating back to 1 January, 2008.

Related Content

Can small, self-licensed firms afford adequate PI insurance?

Professional indemnity (PI) insurance premiums are going up again and tough questions are being asked about whether small, self-licensed financial pla...Read more

AFCA gives consumer groups key input

Consumer groups have been delivered direct input into the Australian Financial Complaints Authority (AFCA) via a newly-formed Consumer Advisory Panel....Read more

ASIC cancels accounting firm licenses

The Australian Securities and Investments Commission (ASIC) has broken new ground, cancelling the Australian financial services licences of two NSW ac...Read more




FFS This guy has no clue and obviously has an issue with planners! Great way to disenfranchise yet another portion of their voting base. Will be voting SMSF Party this election for sure

Add new comment