New federal dispute resolution scheme for consumers

14/09/2017

ADR

The Australian Government has announced the formation of a new "one-stop shop dispute resolution scheme", the Australian Financial Complaints Authority (AFCA). AFCA will replace the three existing schemes – the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT) - and will have a monetary limit of $1 million and compensation cap of $500,000. Learn more here.