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New financial complaints authority

New financial complaints authority

By Chris Liamos

Finance 


The Australian Financial Complaints Authority (AFCA) is an independent external dispute resolution (EDR) scheme that began operating on 1 November 2018. AFCA will deal with complaints from consumers and small businesses in the financial system. AFCA replaces the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT). This means consumers and small businesses will have access to a single EDR scheme to complain about financial services or products.

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