AFCA to fast track COVID-19 related complaints
The Australian Financial Complaints Authority (AFCA) is prioritising complaints regarding COVID-19 to ensure those impacted have their issues resolved as quickly as possible.
In an announcement, AFCA said it would fast-track COVID-19 related complaints and would establish today a support hotline to ensure a priority service was provided for those impacted.
“AFCA will take into account the circumstances and context in which lenders and other financial firms are currently operating when considering complaints,” it said.
“AFCA understands that firms may be putting in place alternate staffing arrangements and may not be in a position to quickly act on requests for information.”
The authority also said it supported the Government and banking sector initiatives to assist small businesses and consumers to withstand challenges posed by the virus.
“AFCA supports the changes to responsible lending obligations proposed by the government and the initiatives designed to assist small businesses that encounter financial difficulty or require additional access to credit due to the impact of the COVID-19 pandemic,” it said.
AFCA encouraged financial firms to continue to:
- Work constructively and reasonably with affected consumers and small businesses during any period of disruption, particularly consumers and small businesses in hardship, or who may be experiencing difficulty repaying debt; and
- Openly and transparently communicate with consumers and small businesses about any delays they may experience in decision making, claims or complaints handling caused by the impact of COVID-19 on their business.
AFCA noted its staff were transitioning to work from home and that some staff might only be available via email. However, its main phone number and new hotline would operate with staff working from home.
AFCA’s new support hotline number is 1800 337 444.
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
