14 February 2018
The passage through the parliament of the Australian Financial Complaints Authority Bill (AFCA) delivers a big win for Australian bank customers by creating a ‘one stop shop’ for resolving issues in the financial services industry.
Anna Bligh, CEO of the Australian Bankers’ Association, said the legislation, supported from the beginning by the banking industry, would streamline the complaints process and lead to a speedier resolution of issues for customers.
“A quick resolution of any dispute between a customer and financial institution is in everyone’s best interest,” Ms Bligh said.
“It’s always the first preference for customers to resolve issues directly with their banks, who have been putting in place extra measures such as ‘customer advocates’ to improve how they handle complaints.
“When a complaint needs to go further, it’s important the process is simple, fair and results in a speedy outcome.
“Merging three complaints authorities into a ‘one stop shop’ is common sense reform and should lead to speedier resolution of issues experienced by Australian bank customers,” Ms Bligh said.
“Australian banks have supported this change from its inception as a recommendation from the Ramsay review to ensure efficient and easier access to help for customers,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
The ABA has today released the findings of a strategic review undertaken by Accenture into the roll-out of Australia’s Consumer Data Right (CDR) regime. The CDR went live to customers of major banks in July 2020, and to customers of other banks in July 2021. Approaching 4 years since its launch, the ABA commissioned Accenture… Read more »
The Australian Banking Association welcomes ASIC’s approval of an updated Banking Code of Practice that will continue to drive better banking outcomes for customers. The updated Code strengthens consumer protections by providing customers with safeguards that are in addition to the law. ABA CEO Anna Bligh said this Code will provide an even higher… Read more »
Australia’s digital banking boom is continuing with payments by mobile wallets surging by 35 per cent in the last year alone, according to a new report released today by the Australian Banking Association. The 2024 ‘Bank On It’ Report shows that in the last year alone customers made $126 billion in payments with their mobile… Read more »