14 February 2018
The passage through the parliament of the Australian Financial Complaints Authority Bill (AFCA) delivers a big win for Australian bank customers by creating a ‘one stop shop’ for resolving issues in the financial services industry.
Anna Bligh, CEO of the Australian Bankers’ Association, said the legislation, supported from the beginning by the banking industry, would streamline the complaints process and lead to a speedier resolution of issues for customers.
“A quick resolution of any dispute between a customer and financial institution is in everyone’s best interest,” Ms Bligh said.
“It’s always the first preference for customers to resolve issues directly with their banks, who have been putting in place extra measures such as ‘customer advocates’ to improve how they handle complaints.
“When a complaint needs to go further, it’s important the process is simple, fair and results in a speedy outcome.
“Merging three complaints authorities into a ‘one stop shop’ is common sense reform and should lead to speedier resolution of issues experienced by Australian bank customers,” Ms Bligh said.
“Australian banks have supported this change from its inception as a recommendation from the Ramsay review to ensure efficient and easier access to help for customers,” she said.
Contact: Rory Grant 0475 741 007
Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse.
Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse.
Australian banks are supporting communities in New South Wales after torrential rain and floods in parts of the state. Floodwaters have inundated towns on the NSW North Coast, Sydney has been pummelled by heavy rain and more is forecast in coming days. Australian Banking Association CEO Anna Bligh says banks have a range of measures… Read more »