New external Announced after the delivery of Ramsay Appointment of AFCA dispute resolution Review interim report in December 2016. transition team Chair, July arrangements for 2017 Establishes the Australian Financial consumers and Complaints Authority (AFCA), a one-stop Consultation Paper on the small business shop external dispute resolution scheme terms of reference, to hear and determine all financial and governance and funding superannuation disputes. AFCA will arrangements, November replace the Superannuation Complaints 2017 Tribunal, the Financial Ombudsman Treasury Laws Service and the Credit and Investment Amendment (Putting Ombudsman. It will operate under Consumers significantly higher monetary limits and of the compensation caps. Australian Financial Expected to begin hearing disputes from Complaints Authority) Act November 2018. 2018 (Cth)
New external dispute resolution arrangements for consumers and small business Announced after the delivery of Ramsay Review interim report in December 2016. Establishes the Australian Financial Complaints Authority (AFCA), a one-stop shop external dispute resolution scheme to hear and determine all financial and superannuation disputes. AFCA will replace the Superannuation Complaints Tribunal, the Financial Ombudsman Service and the Credit and Investment Ombudsman. It will operate under significantly higher monetary limits and compensation caps. Expected to begin hearing disputes from November 2018. Appointment of AFCA transition team Chair, July 2017 Consultation Paper on the terms of reference, governance and funding arrangements, November 2017 Treasury Laws Amendment (Putting Consumers of the Australian Financial Complaints Authority) Act 2018 (Cth)