Australian Financial Complaints Authority notes coming end of legacy jurisdiction

Maria Nikolova

On July 1, 2020, AFCA’s jurisdiction to consider complaints dating back to 2008 will end.

The Australian Financial Complaints Authority (AFCA) reminds the public that on July 1, 2020, its jurisdiction to consider complaints dating back to 2008 will end.

This means that from July 1, 2020 AFCA’s ability to consider complaints will, in most cases, only extend to matters where the complainant first became aware of the loss within the last six years, or within the last two years when a complaint has been through a financial firms’ internal dispute resolution process.

AFCA, Australia’s single external dispute resolution scheme for complaints about financial firms, will be unable to consider new lodgements for legacy complaints received from this date and AFCA’s standard time limits will apply. However, existing complaints made under the legacy jurisdiction will continue to progress and there will be no changes to AFCA’s case management approach for these complaints. In some circumstances, where a complaint falls outside of a time limit to consider a complaint, AFCA may contact the financial firm for consent to consider the complaint.

During its first year of operation, AFCA saw Australians in dispute with their bank, insurance provider, super fund, or other financial firms lodge 73,272 complaints with the financial sector’s new ombudsman. This represents a 40% increase in complaints received compared to AFCA’s predecessor schemes, which in the 2017/18 financial year received a combined total of 52,232 complaints. They have been awarded $185 million in compensation during the period between 1 November 2018 and 31 October 2019.

Read this next

Institutional FX

Euronext reports double-digit growth in FX volume

Pan-European exchange, Euronext has reported a 10 percent rebound in the average daily volume on its spot foreign exchange market. The ADV figure stood at $19.6 billion in January 2022, which is up from December’s $18 billion.

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

<