Australian Financial Complaints Authority - time limit changes
For a 12 month period (1 July 2019 to 30 June 2020), AFCA will accept complaints about the conduct of financial firms dating back to 1 January 2008. AFCA refers to these complaints as "legacy complaints".
This is an opportunity for people to resolve older complaints. The usual AFCA process will apply and once the legacy complaint is lodged in AFCA it will be referred back to the financial firm. If the complaint remains unresolved then AFCA will consider and determine the legacy complaint.
AFCA can consider the complaint if the financial firm is a current compulsory member. A compulsory member is a financial firm that is obligated to be a member of AFCA. It does not matter that the financial firm was not a member of an external dispute resolution scheme in 2008.
There are legacy complaints that AFCA will not consider:
- the conduct occurred before 1 January 2008
- a determination in an EDR scheme or court/tribunal decision has already been made
- the matter was settled between the parties
- superannuation death benefits
- solely relates to an obligation under the Privacy Act
Detailed information is available on the AFCA website at https://www.afca.org.au/make-a-complaint/legacy-complaints/
Remember, if a client does have a legacy complaint it must be lodged with AFCA before 30 June 2020.