Planners need to sign up to AFCA by 21 September
Financial planning firms will have until 21 September, this year to sign up to the new Australian Financial Complaints Authority (AFCA).
The Minister for Revenue and Financial Services, Kelly O’Dwyer announced the make-up of the new one-stop-shop complaints handling body today, including that Sydney-based financial planner, Claire Mackay had been appointed to the board of the new structure.
The minister said the AFCA would begin accepting complaints from 1 November – a date she believed would allow the new body to put in place the necessary infrastructure and staff to be ready to receive complaints.
The ministerial announcement said the Superannuation Complaints Tribunal would continue to operate beyond AFCA’s commencement to resolve existing complaints it has to hand, with complaints lodged with the SCT not being transferred to AFCA.
O’Dwyer said one of the first priorities of the AFCA board would be to commence public consultation on the AFCA terms of reference and the scheme’s interim funding model.
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