ALAN WEIN APPOINTED AS INAUGURAL DIRECTOR ON THE BOARD OF THE FEDERAL GOVERNMENTS AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY (AFCA)

Dubbed “super-FOS”, it will emerge from a combination of the Financial Ombudsman Authority, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal. The AFCA will replace the Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman (CIO) – and the Superannuation Complaints Tribunal (SCT) in one super Authority dealing with all these complaints, having substantial powers.

The new one-stop shop for financial complaints is taking shape, delivering on the Turnbull Government’s commitment to overhaul the external dispute resolution framework for financial disputes in Australia, providing consumers and small businesses with access to free, fast and binding dispute resolution.

In line with the Ramsay Review recommendation, the Government has undertaken consultation on the monetary limits that AFCA should operate under, upon commencement.

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP has the ability to appoint a minority of the inaugural AFCA board. Alan Wein was one of the three Board members appointed by the Minister in cabinet.