Strategic plan for AFCA released

The strategic plan includes AFCA’s goals, values and visions, which its release says is “to provide fair, independent and effective solutions for financial disputes”.

Assistant Treasurer Stuart Roberts said that AFCA would operate as a one-stop shop for financial disputes.

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“The recommendations to establish the AFCA came from the review of financial systems, external dispute resolution and complaints arrangements, which recommended the establishment of a one-stop shop for dispute resolution,” he said. 

Mr Roberts said that AFCA would support consumers by operating at a significantly higher voluntarily limit of compensation cap.

“I think this is appropriate, it is important that consumers who have wrongfully suffered a loss have access to fair compensation,” he said.

The new independent Ombudsman has commitment to proactively work with consumers, small business and the financial sector to resolve and reduce financial disputes.

A priority for the authority is to influence reform in the sector by raising standards and improving internal practices to avoid and resolve disputes.

AFCA’s independent chair, Helen Coonan, said the authority had a clear vision to raise standards, minimise disputes and meet community needs.

“Our strategy reflects a new direction and vision for external dispute resolution for financial complaints in Australia,” she said.

AFCA chief executive and chief ombudsman David Locke echoed Ms Coonan’s statement, saying that it would be an easy to use and impartial scheme.

“AFCA is committed to ensuring that our decisions, actions and services are at all times fair and independent, transparent and accountable, honest and respectful, and proactive and customer-focused,” Mr Locke said.