Theaustralian Financial Complaints Authorityafcais Theexternal Disputeresolution Schemefor Financial Complaints In Australiaestablished On November 12018Afca Was Formed By Consolidating Threeprevious Organizationsthefinancial Ombudsman Servicecredit And Investments Ombudsmanand Superannuation Complaints Tribunalit Provides Freeand Independent Services To Consumers And Small Businesses Afca Addresses Complaints Related To Bankingcreditinsuranceinvestmentssuperannuationand Financial Advicethecomplaint Process Encourages Consumers To First Resolveissues Directly With Financial Firmsif Unresolvedafca Steps In To Facilitatenegotiationconciliationor Formal Decision Makingtheorganization Can Handledisputes Up To $1 Million For Non Superannuation Complaints And $5 4 Million For Superannuation Related Claimsgoverned By A Board With Equal Representation From Industry And Consumersafca Is Led By Chief Ombudsman And Ceo David Lockein The202 Ae24 Periodafca Received Over 104 000 Complaints And Demonstrated Significant Improvement In Resolution Efficiency
