As the complaints authority hits the $1 billion threshold for consumer compensation, Tthe AFCA board of directors has re-appointed David Locke as chief ombudsman and CEO for a second five-year term.

Locke is a lawyer who has worked in the private, government, and not-for-profit sectors. He was appointed AFCA’s inaugural CEO and chief ombudsman in June 2018.

Locke has overseen initiatives like the development of the publicly searchable AFCA Datacube, which allows firms and consumers to compare complaints performance.

Separately, the financial services ombudsman reported that its complaints resolution scheme has now secured $1 billion in compensation for consumers since opening its doors on 1 November 2018.

AFCA is on track to receive close to 100,000 complaints this financial year. It has resolved over 320,000 complaints since it began operations. 

AFCA has also identified and resolved 236 systemic issues with broader implications beyond individual complaints, resulting in refunds to 4.7 million consumers totalling more than $278 million.

Locke’s second term will officially commence on Wednesday, 28 June 2023.

The post AFCA re-appoints CEO Locke, hits $1b in compensation appeared first on Professional Planner.

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