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Australian Financial Complaints Authority
The Australian Financial Complaints Authority or AFCA is an external dispute resolution (EDR) scheme for consumers who are unable to resolve complaints with member financial services organisations. 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). AFCA replaced the three pre-existing EDR schemes of the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT). Membership of AFCA is a requirement under law or license condition of all financial firms and financial service providers. AFCA is led by the Chief Ombudsman and CEO, presently David Locke. History The Australian Financial Complaints Authority was established on 1 November 2018, replacing the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ombudsman
An ombudsman (, also ,), ombud, ombuds, ombudswoman, ombudsperson or public advocate is an official who is usually appointed by the government or by parliament (usually with a significant degree of independence) to investigate complaints and attempt to resolve them, usually through recommendations (binding or not) or mediation. Ombudsmen sometimes also aim to identify systemic issues leading to poor service or breaches of people's rights. At the national level, most ombudsmen have a wide mandate to deal with the entire public sector, and sometimes also elements of the private sector (for example, contracted service providers). In some cases, there is a more restricted mandate, for example with particular sectors of society. More recent developments have included the creation of specialized children's ombudsmen. In some countries, an inspector general, citizen advocate or other official may have duties similar to those of a national ombudsman and may also be appointed by a le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Melbourne
Melbourne ( ; Boonwurrung/Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a metropolitan area known as Greater Melbourne, comprising an urban agglomeration of 31 local municipalities, although the name is also used specifically for the local municipality of City of Melbourne based around its central business area. The metropolis occupies much of the northern and eastern coastlines of Port Phillip Bay and spreads into the Mornington Peninsula, part of West Gippsland, as well as the hinterlands towards the Yarra Valley, the Dandenong and Macedon Ranges. It has a population over 5 million (19% of the population of Australia, as per 2021 census), mostly residing to the east side of the city centre, and its inhabitants are commonly referred to as "Melburnians". The area of Melbourne has been home to Aboriginal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victoria, Australia
Victoria is a state in southeastern Australia. It is the second-smallest state with a land area of , the second most populated state (after New South Wales) with a population of over 6.5 million, and the most densely populated state in Australia (28 per km2). Victoria is bordered by New South Wales to the north and South Australia to the west, and is bounded by the Bass Strait to the south (with the exception of a small land border with Tasmania located along Boundary Islet), the Great Australian Bight portion of the Southern Ocean to the southwest, and the Tasman Sea (a marginal sea of the South Pacific Ocean) to the southeast. The state encompasses a range of climates and geographical features from its temperate coastal and central regions to the Victorian Alps in the northeast and the semi-arid north-west. The majority of the Victorian population is concentrated in the central-south area surrounding Port Phillip Bay, and in particular within the metropolitan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Securities & Investments Commission
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the ''Australian Securities and Investments Commission Act 2001''. ASIC, which reports to the Treasurer, is responsible for the administering the following legislation: * ''Australian Securities and Investments Commission Act 2001'' (ASIC Act) * '' Business Names Registration Act 2011'' * ''Corporations Act 2001'' (Corporations Act) * '' Insurance Contracts Act 1984'' * ''National Consumer Credit Protection Act 2009'' (National Credit Act) Additionally, ASIC is also responsible for administering parts of the following legislation: * ''Banking Act 1959'' * '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
External Dispute Resolution
Alternative dispute resolution (ADR), or external dispute resolution (EDR), typically denotes a wide range of dispute resolution processes and techniques that parties can use to settle disputes with the help of a third party. They are used for disagreeing parties who cannot come to an agreement short of litigation. However, ADR is also increasingly being adopted as a tool to help settle disputes within the court system. Despite historic resistance to ADR by many popular parties and their advocates, ADR has gained widespread acceptance among both the general public and the legal profession in recent years. In fact, some courts now require some parties to resort to ADR of some type like mediation, before permitting the parties' cases to be tried (indeed the European Mediation Directive (2008) expressly contemplates so-called "compulsory" mediation. This means that attendance is compulsory, not that settlement must be reached through mediation). Additionally, parties to merger a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kelly O'Dwyer
Kelly Megan O'Dwyer (born 31 March 1977) is a former Australian politician. She served in the House of Representatives from 2009 to 2019, representing the Liberal Party, and held senior ministerial office from 2015 to 2019. O'Dwyer was a solicitor, political adviser, and National Australia Bank (NAB) executive before entering politics. She was elected to parliament at the 2009 Higgins by-election, aged 31, replacing Peter Costello. In 2014, she was made a parliamentary secretary in the Abbott Government. O'Dwyer was promoted to cabinet when Malcolm Turnbull became prime minister in 2015. She served as Minister for Small Business (2015–2016), Assistant Treasurer (2015–2016), Minister for Revenue and Financial Services (2016–2018), and Minister for Women (2017–2019). In 2017, she became the first Australian cabinet minister to give birth while in office. O'Dwyer ended her political career as Minister for Jobs and Industrial Relations in the Morrison Government, reti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Ombudsman Service (Australia)
The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations. the FOS had approximately 5,500 licensed member organisations that included banks, insurers, credit providers, financial advisers and planners, debt collection agencies and other businesses that provide financial products and services; together with an additional 8,000 authorised credit representatives. The Service is governed by its term of reference which allow for it to hear matters within six years of the first knowledge of a financial loss and, since January 2015, for the Service to award remedies capped at 309,000. In 2015–6, the FOS received 34,095 disputes and closed 32,871 disputes; a seven per cent increase on the number of disputes received during the previous year and a five per cent decrease on the number of disputes closed. The FOS was le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit And Investments Ombudsman
The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations. The Credit and Investments Ombudsman (CIO) (until 2014 known as the Credit Ombudsman Service) is an Australian alternative dispute resolution or ombudsman that helps settle disputes between consumers and financial credit providers. The Credit and Investments Ombudsman is one of the largest External Dispute Resolution (EDR) schemes in Australia by number of members, totaling over 22,000 in 2016. History It was established in 2003 as a result of the Mortgage & Finance Association of Australia ('MFAA') self-regulation, originally called the Mortgage Industry Ombudsman Scheme (MIOS). It later expanded its remit to include non-bank lending and other credit services, changing its name to the Credit Ombudsman Service Limited (COSL) to reflect this broader j ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Superannuation Complaints Tribunal
The Superannuation Complaints Tribunal is an independent statutory body established by the Australian Government to deal with complaints about superannuation (and certain life insurance annuities). History The Superannuation Complaints Tribunal was established under the Superannuation (Resolution of Complaints) Act in 1993. It was established at the same time as a new prudential and disclosure framework was put in place under the Superannuation Industry (Supervision) Act 1993, protecting employees compulsory superannuation contributions (introduced in 1992). Operation of the Tribunal In order for the Tribunal to deal with a complaint, a member (former member or potential beneficiary) of a superannuation fund must first make a formal complaint to the Trustee of that fund (under the fund's own internal complaints procedures). If the complaint is not resolved to the member's satisfaction (or has not been dealt with within a 90-day period) then a complaint can be made to the Tri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Financial Review
''The Australian Financial Review'' (abbreviated to the ''AFR'') is an Australian business-focused, compact daily newspaper covering the current business and economic affairs of Australia and the world. The newspaper is based in Sydney, New South Wales, Australia; owned by Nine Entertainment and has been published continuously since its founding in 1951. The ''AFR'', along with the rest of Fairfax Media (aside from some publications which were sold to Australian Community Media), was sold to Nine Entertainment for more than A$2.3 billion.Mergermarket - An Acuris company. (n.d''.). Fairfax Media Limited Nine Entertainment Co. Holdings Ltd Merger.'' Retrieved from www.mergermarket.com/Common/Mergermarket/Deals/DealDetails.aspx?dealsysid=933952&extern=19&id=239512&contextid=1018456074&zone=205¤cyCode=AUD The ''AFR'' is published in tabloid format six times a week, whilst providing 24/7 online coverage through its website. In November 2019, the ''AFR'' reached 2.647 million A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Helen Coonan
Helen Lloyd Coonan (born 29 October 1947) is a former Australian politician who was a Senator for New South Wales from 1996 to 2011, representing the Liberal Party. She was a minister in the Howard Government, serving as Minister for Revenue and Assistant Treasurer from 2001 to 2004 and then as Minister for Communications, Information Technology and the Arts from 2004 to 2007. Early life Coonan was born in Mangoplah, New South Wales, attended the Mount Erin convent Catholic boarding school in Wagga Wagga. She later attended the University of Sydney, where she gained a law degree. She was a barrister and solicitor before entering politics. She was chair of the board of governors of the Law Foundation of New South Wales (1991–92). Howard Government (1996–2007) In 1996, Coonan was elected to the federal Senate as a Liberal senator for New South Wales. She was re-elected in 2001 and appointed Minister for Revenue and Assistant Treasurer (2001–04), making her the first ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Securities And Investments Commission
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the ''Australian Securities and Investments Commission Act 2001''. ASIC, which reports to the Treasurer, is responsible for the administering the following legislation: * '' Australian Securities and Investments Commission Act 2001'' (ASIC Act) * '' Business Names Registration Act 2011'' * '' Corporations Act 2001'' (Corporations Act) * ''Insurance Contracts Act 1984'' * '' National Consumer Credit Protection Act 2009'' (National Credit Act) Additionally, ASIC is also responsible for administering parts of the following legislation: * '' Banking Act 1959'' * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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