Minister for Revenue and Financial Services Kelly O’Dwyer has announced the members of an expert panel who will assist with the transition of the current financial services external dispute resolution (EDR) scheme over to the new Australian Financial Complaints Authority (AFCA).
In a statement today, the minister announced that Financial Ombudsman Service chief ombudsman Shane Tregillis will be on the expert reference panel along with chair of the Superannuation Complaints Tribunal Helen Davis. Self Employed Australia director Robin Buckham and consumer member of the Superannuation Complaints Tribunal Advisory Council John Berrill are also on the panel.
Invitations to serve on the panel were issued to all three existing external dispute resolution bodies, as well as a consumer and small business representative, the statement said.
The panel has been formed to provide expert knowledge and experience to assist the AFCA transition team. The government established the transition team, led by former assistant governor of the Reserve Bank of Australia Malcolm Edey, to ensure a smooth transition from the current EDR scheme over to the new, one-stop shop EDR body AFCA.
“It is important that the AFCA transition team draw on existing dispute resolution expertise and a wide range of views, to make sure the AFCA is fit for purpose and meets the needs of consumers, small business and industry,” Ms O’Dwyer said.
The AFA has also criticised AFCA for making financial advice even more inaccessible to consumers.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10 Dec 2018Only 12% of advice practices have exit plansBy Adrian Flores
- 10 Dec 2018CIPRs need to account for future mortality rates, study findsBy Adrian Flores
- 10 Dec 2018Freedom halts selling of life insuranceBy Adrian Flores
- 7 Dec 2018New ASIC deputy chair announcedBy Adrian Flores
- 7 Dec 2018Growth companies fund added to Macquarie WrapBy Adrian Flores
- 7 Dec 2018ASIC makes unique AFSL decision on foreign adviserBy Adrian Flores
- view all