office-corporate-meeting
by: Honan Marketing

Farewell to FOS. Welcome, AFCA!

What you need to know:

  • From 1 November 2018, you will need to contact Australian Financial Complaints Authority (AFCA) to resolve any disputes about financial products and services provided by financial firms
  • Prior to lodging your complaint with AFCA/Financial Ombudsman Service (FOS), please contact us immediately as we will attempt to resolve your complaint as soon as possible

Preparations are currently underway for the FOS to transition into AFCA. AFCA will begin accepting financial services complaints from 1 November 2018. More details on AFCA can be accessed on their website.

“Consumers and small businesses across Australia will benefit from the establishment of AFCA”, said Kelly O’Dwyer, Minister for Revenue and Financial Services. “For the first time ever, consumers will be able to go to one place to resolve any kind of financial complaint, and the new AFCA scheme will operate under significantly higher monetary limits and compensation caps to boot”.

What should I do if I have a complaint?

Contact us with details about your complaint and we will do our best to resolve it quickly. If your complaint is not satisfactorily resolved, we will refer the matter to our Complaints Manager to investigate as a matter of priority. Alternatively, you can put your complaint in writing and mail it to our Melbourne or Sydney postal addresses noted below.

Melbourne
PO Box 4747
Melbourne VIC 3001
Sydney
PO Box R1782Royal Exchange NSW 2002

 

If your complaint cannot be further resolved to your satisfaction, you have the right to refer the matter to:

  • If lodged before 1 November 2018
    Financial Ombudsman Service Australia
    Online: www.fos.org.au
    Email: info@fos.org.au
    Phone: 1800 367 287
    Mail: Financial Ombudsman Service Limited, GPO Box 3, Melbourne VIC 3001, or
  • If lodged on or after 1 November 2018
    Australian Financial Complaints Authority
    Online: www.afca.org.au
    Email: info@afca.org.au
    Phone: 1800 931 678
    Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

Need help?

If you would like more information about AFCA and these changes, please feel free to contact us on 03 9947 4333.