Tag archives: AFCA

Enforceable code provisions: an interview with John Price, Lead Ombudsman for General Insurance Decisions, AFCA

Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry.   In the second instalment of the series, we were joined by John Price, Lead Ombudsman for General Insurance Decisions at the Australian Financial Complaints … Continue reading

Removal of the claims handling exemption – what will it mean for insurers?

A Norton Rose Fulbright webinar with John Anning, Insurance Council of Australia Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry. In the first of these interviews, Ray Giblett (insurance partner, Sydney) sat … Continue reading

Insurance After Hayne Part 5 – The Three Cs: Claims, Codes and Complaints. A Triple Threat or Opportunity?

Welcome to Part 5 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on … Continue reading

New super ombudsman AFCA commences operation today

Starting 1 November 2018, the Australian Financial Complaints Authority (AFCA) replaces the Financial Ombudsman Service (FOS), Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal. The AFCA is now the ASIC approved External Dispute Resolution (EDR) scheme for consumer and small business complaints for Australian financial and credit industries. All financial firms should now … Continue reading

A new body for financial disputes in Australia

Continuing Federal Government reforms of the financial services sector will see the end of separate external dispute resolution forums, with the introduction of a one-stop shop for all financial disputes in mid-2018. In the 2017 Federal Budget, the Government flagged its intention to bring the Australian Financial Complaints Authority (AFCA) into operation by 1 July … Continue reading

Super FOS to the rescue?

Budget 2017 and the “Super FOS” scheme Labelled “Super FOS” by industry stakeholders, the government has announced in last night’s federal budget the establishment of a one-stop shop to cover all disputes in the financial system. Arguably a diversion from Labor’s call for a banking royal commission, Super FOS – to be known as the … Continue reading
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