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Ministerial approval has now been given for the new Australian Financial Complaints Authority (AFCA) to begin accepting new complaints on Thursday, 1 November 2018.
As we've indicated in our previous article, AFCA Given Green Light, AFCA will replace both the Financial Services Ombudsman (FOS) and the Credit and Investments Ombudsman (COSL) as the sole External Dispute Resolution scheme in the financial services sector.
AFCA have recently indicated that financial firms required to join the new scheme will be required to do so no later than Friday, 21 September 2018 with FOS claiming that over 98% of their current members have already completed the transfer requirements.
With the first board recently being announced by Minister for Revenue and Financial Services, Kelly O'Dwyer MP, we can expect the public consultation process to commence regarding the new AFCA Terms of Reference and the scheme's interim funding model and will report on these developments as updates become available.
Source: Australian Broker - May 2018