[1] It is operated as a not-for-profit company limited by guarantee and was authorised in 2018 by the then Minister for Revenue and Financial Services, Kelly O'Dwyer, in accordance with the Corporations Act 2001 (Cth).
[7] The Australian Government announced on 9 May 2017 that AFCA would be established in response to the review of external dispute resolution and complaints arrangements in the financial system.
[9] The AFCA only considers a complaint after the consumer has first attempted to resolve the dispute directly with their financial service provider.
An AFCA representative will then contact the consumer and relevant financial service provider to settle the dispute.
[7] The Australian Financial Complaints Authority is governed by a Board of Directors, which includes equal numbers of industry and consumer representatives.