AFCA to strengthen focus on systemic issues

The Australian Financial Complaints Authority (AFCA) is bolstering its work in raising standards and minimising consumer harm, with the creation of a new leadership position, Lead Ombudsman– Systemic Issues and Remediation.

The newly created position will provide professional and technical leadership for all of AFCA’s systemic issues and serious contraventions investigations, along with overseeing AFCA’s remediation work.

AFCA Chief Executive Officer and Chief Ombudsman David Locke said the new position demonstrates AFCA’s commitment to resolving systemic issues.

“Our systemic issues work gives us the opportunity to help financial firms fix issues that cause complaints and prevent more from occurring. It also helps raise industry standards and prevents harm to consumers,” Mr Locke said.

“The creation of the new position of Lead Ombudsman – Systemic Issues and Remediation demonstrates that we take our role in identifying and resolving systemic issues very seriously.

“In the last 12 months, AFCA has identified and resolved 167 definite systemic issues. We also referred 30 possible serious contraventions to regulators.”

AFCA is also currently recruiting for the positions of Lead Ombudsman – Superannuation and Lead Ombudsman – Investments and Advice, both of which were previously held by Dr June Smith who was promoted to Deputy Chief Ombudsman in July 2019.

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