Australian Financial Complaints Authority

AFCA’s role is to assist consumers and small businesses to reach agreements with financial firms about how to resolve their complaints. They are impartial and independent. They do not act for either party to advocate their position. If a complaint does not resolve between the parties, they will decide an appropriate outcome.

Decisions made can be binding on the financial firm involved in a complaint. They can award compensation for losses suffered because of a financial firm’s error or inappropriate conduct. There are other remedies they can also provide for superannuation complaints. They do not, however, award compensation to punish financial firms or impose fines.

AFCA is not a government department or agency, and they are not a regulator of the financial services industry. They are a not-for-profit company, limited by guarantee that is governed by a Board of Directors, which includes equal numbers of industry and consumer representatives. AFCA’s Chief Ombudsman is responsible for the management of the organisation.

They consider complaints about:

• credit, finance and loans

• insurance

• banking deposits and payments

• investments and financial advice

• superannuation