CCLSWA was pleased to collaborate with other consumer groups and contribute to a joint consumer submission to The Treasury review of the Australian Financial Complaints Authority (AFCA).
The submission sets out the generally held position of consumer advocates, that AFCA is overall meeting its statutory objectives in a manner that is fair, efficient, timely and independent.
It is CCLSWA’s experience that AFCA provides more accessible, timely, cost-effective, and fair outcomes for our clients who are experiencing a situation of vulnerability, rather than going through a court or tribunal process. However, there are areas for improvement, largely attributable to AFCA’s rapid growth during challenging times.
The joint submission makes 15 recommendations covering areas for improvement, clarification, or expansion of AFCAs powers, and tacking poor conduct by debt management firms.
Click here to read the joint submission in full.