AFCA chair Helen Coonan (Pic; Supplied)

As the start date for the newly formed Australian Financial Complaints Authority looms, chair Helen Coonan says the authority expects consumers inspired by the Hayne royal commission to fuel a surge in complaints.

Speaking to Investment Magazine’s sister-publication Professional Planner a week before AFCA takes over to consolidate the functions of the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal, Coonan says the November 1 start date, coming so soon after “some of the fallout from the royal commission”, should lead to “a big spike in complaints”.

Tahn Sharpe is a Sydney-based financial services journalist with a background in financial planning. He writes on advice, superannuation, investment, banking and insurance issues, is a certified SMSF Adviser and holds an Advanced Diploma of Financial Planning.
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