Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

AFCA strengthens team

Australian-Financial-Complaints-Authority/AFCA/david-locke/ombudsman/

22 May 2019
| By Oksana Patron |
image
image image
expand image

The Australian Financial Complaints Authority (AFCA) has announced it will be recruiting a new deputy chief ombudsman and general counsel to support AFCA through its rapid growth and the expansion of its jurisdiction.

Chief ombudsman and chief executive, David Locke, said that AFCA experienced an unprecedented level of complaints in six months of operation, with over 35,000 consumers and small businesses having had raised complaints with AFCA.

“This is extraordinary and really reflects an increased awareness by consumers of their rights, and an increased willingness to complain,” Locke said.

“Appointing the key senior roles of deputy chief ombudsman and general counsel will ensure AFCA is able to deliver a fair, proactive and customer-focused dispute resolution service in a rapidly changing, complex operating environment.”

He stressed that organisational culture and leadership would be a key focus to AFCA which would be also looking to work with the financial firms who are members to improve their Internal Dispute Resolution (IDR) practices.

In addition to this, AFCA would be also recruiting a lead ombudsman – banking and finance, following the resignation of Philip Field who would finish up at AFCA at the end of July.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

5 days 6 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks 2 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 1 day ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 1 day ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 2 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND