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Home > Country profiles > Australia > Articles > Article detail

Govt moves on dispute reform

Wednesday, 3rd August 2017

"A transition team has been created to lead the establishment of the Australian Financial Complaints Authority (AFCA) to ensure the new one-stop shop for dispute resolution is operational by 1 July 2018.

The Federal Government revealed it will set up the AFCA in the Federal Budget in May.

The transition team, lead by former Assistant Governor (Financial System) of the Reserve Bank of Australia Dr Malcolm Edey, will advise the government on AFCA’s terms of reference, governance and funding arrangements. It will also recommend transitional arrangements and authorisation processes for the new body.

“Once legislation to establish the AFCA has passed the Parliament, the focus of the transition team will shift to overseeing the operational transition from the existing schemes to AFCA,” says Minister for Revenue and Financial Services Kelly O’Dwyer.

She addsAFCA will ensure consumers and small businesses enjoy “a free, fast, fair and binding dispute resolution service”."

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Language: English

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