AFCA tips dispute ‘spike’ after Hayne inquiry
By Tahn Sharpe | 23 October 2018
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”.
into Misconduct in the Banking, Superannuation and Financial Services Industry
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017 by the Governor-General of the Commonwealth of Australia, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd).
The Governor-General issued Letters Patent which formally appoint the Royal Commissioner and outline the Terms of Reference for this inquiry.