fbpx
Skip to main content
Get step-by-step help: Financial Assistance Hub

AFCA common sense reform which will deliver for customers

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.

ENDS
Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Media Releases
Statement from Australian Banking Association (ABA) regarding the agreement reached on the safeguard mechanism reforms: 
27 March 2023

“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.

Read more
Media Releases
Accessible and inclusive banking: Consultation set to begin for accessibility standards review
16 March 2023

“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”

Read more
Transcript
Transcript – Anna Bligh interview with Sky News’ Andrew Clennell on SVB closure
13 March 2023

“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”

Read more