AFCA will start with 550 staff on board

AFCA/APRA/

26 July 2018
| By Mike |
image
image image
expand image

The new Australian Financial Complaints Authority (AFCA) will kick off with a staff of around 550 people.

The considerable scale of the new “one-stop-shop” external dispute resolution scheme was confirmed by AFCA’s chairman, former Federal Liberal Minister, Helen Coonan, who also confirmed that financial services firms and superannuation funds would be levied to pay for the body via a levy similar to the so-called “APRA levy”.

She said that while the AFCA would start being funded under an APRA levy-style model, there would be consultation around future arrangements and the organisation’s operational guidelines.

Coonan outlined the scope of AFCA at the Financial Services Council’s (FSC’s) Leaders’ Summit in Melbourne where she acknowledged the challenges associated with it taking over the role of the soon to be defunct Superannuation Complaints Tribunal (SCT).

However, she said she believed AFCA would be more proactive in its engagement with superannuation funds because it represented a more proactive model than the SCT.

Coonan also confirmed that notwithstanding AFCA’s 1 November, 2018, the Superannuation Complaints Tribunal (SCT) would continue to accept complaints up to that date and that those complaints would not then be transferred to the AFCA.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 5 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 2 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3