The rules, which were approved by ASIC in August, will allow AFCA to publish the names of financial firms in all determinations.
Previously, the names of companies involved in financial services, super and credit complaints had not been made public.
ASIC approved the rule reform after receiving stakeholder feedback and considering statutory approval criteria, saying revealing firms in determinations could help identify conduct or market problems as well as rewarding good behaviour.
In its first six months, AFCA received 35,263 complaints, with up to 5,000 to be finalised each year by way of determination.
Since forming in November last year, AFCA has made changes to its rules including expanding its jurisdiction to include complaints against financial firms dating back to 2008.
Meanwhile, in other markets firms have been named by consumer rights bodies – the UK Financial Ombudsman Service has been naming firms in published determinations since 2013.
The updated rules and organisational guidelines have been published on the AFCA website.
FCA received 35,263 complaints, with up to 5,000 to be finalised each year. That a 14% closure rate.
Only a government or semi-government business could get away with such a poor service standard.
An adviser is lampooned with a single decision against them – but AFCA fails at a rate of 86%
How is that even possible?
Australia – where there’s more regulators and compliance people that there are actual practitioners. What a joke!
That’s like having more traffic police than cars on the road.
I understand AFCA will be hanging around railway stations and shopping centres to encourage the community to make up claims about their dissatisfaction. I believe AFCA employs 800 people. Had an aristocratic grandfather who spent time in the Russian Gulags because somebody informed on him for reward.
AFCA ( ASICs no FACTs Complainant Authority)