Federal Member for Hasluck, Ken Wyatt MP, has announced that Hasluck consumers and small business will be spared the expense and inconvenience associated with taking financial complaints to court, with the Coalition Government’s Australian Financial Complaints Authority (AFCA) open for business as of Thursday 1 November 2018.
“This new one-stop shop will deliver free, fast and binding service for all financial complaints, whether they relate to banks, credit providers, insurance companies or superannuation funds,” Mr Wyatt said.
“Hasluck consumers and small businesses will benefit from increased access to redress as AFCA will have significantly higher monetary limits and compensation caps than were available under the Financial Ombudsman Service (FOS) and Credit and Investments Ombudsman (CIO).
“The kinds of disputes AFCA may hear include: whether financial advice was appropriate in the circumstances; questions about credit card fees; if an insurer is required to pay out under a policy; anddisputes between small businesses and their credit providers.”
The Coalition Government committed to provide $1.7 million to support AFCA’s establishment, as part of the 2018-19 Budget.
“The establishment of AFCA is part of the Coalition Government’s plan for stronger economy and ensuring a fair go for all Australians,” Mr Wyatt said.