You web browser may not be properly supported. To use this site and all its features we recommend using the latest versions of Chrome, Safari or Firefox

Call 1800 444 141
 No Win - No Fee*

If you are looking for information on ANZ CCI class action click here

How to lodge a complaint with Australian Financial Complaints Authority

The Australian Financial Complaints Authority (AFCA) acts as the middleperson between financial firms and consumers or small businesses, offering free and independent dispute resolution services.

It deals with complaints about financial advice, insurance, banking and superannuation products and services. While the time limit to lodge a complaint to AFCA is usually between two and six years, the Australian Government recently created the opportunity for those with complaints up to 10 years old to come forward. This means consumers and small businesses have until 30 June 2020 to lodge complaints dating back to 1 January 2008. To lodge a complaint, you must follow AFCA’s process.

Contact your financial firm

It is important to contact your financial firm directly before contacting AFCA. Your financial firm must reply within a specific timeframe:

  • 90 days for superannuation or traditional trustee complaints;
  • 21 days for complaints involving financial difficulty; or
  • 45 days for all other complaints.

If your financial firm does not reply within the timeframe, or you are unhappy with the reply, you can contact AFCA.

Lodge a complaint with AFCA

You can lodge a complaint with AFCA using their online form or by email, telephone or fax. It is important to identify the problem clearly, tell AFCA if you want somebody to complain on your behalf, and think about what loss you have suffered. You should also collect all relevant documents to support your claim and lodge a Statement of Financial Position if you are experiencing financial difficulty.

AFCA will usually refer your complaint back to the financial firm, at first instance. The financial firm will be given 21 days to work directly with you to reach a resolution.

If a resolution is not met, AFCA may facilitate negotiations between you and your financial firm by exchanging settlement offers and discussing them with both sides, or AFCA may hold a telephone conciliation conference.

If negotiations or conciliation fails, AFCA will generally make a preliminary assessment and give you and your financial firm a chance to accept or reject the assessment.

If the assessment is rejected by either side, AFCA will make an enforceable decision about your complaint after considering the relevant laws, codes of practice and information provided by you and your financial firm. Low value, single issue complaints are fast-tracked and an AFCA adjudicator makes a decision within two weeks. Standard and complex complaints are decided by the ombudsman or a panel within four to eight weeks. Complaints involving financial difficulty are decided in 4 weeks.

How we can help

Slater and Gordon can help you by:

Learn more about our professional negligence services, or if you have an enquiry about a financial complaint, you can submit an enquiry online.

The contents of this blog post are considered accurate as at the date of publication. However the applicable laws may be subject to change, thereby affecting the accuracy of the article. The information contained in this blog post is of a general nature only and is not specific to anyone’s personal circumstances. Please seek legal advice before acting on any of the information contained in this post.

Thank you for your feedback.

Related blog posts

Consumer and the Law
Banking Royal Commission legislation introduced

On 28 November 2019, the Government introduced legislation in line with the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The legislation is designed to provide further protections for consumers and small businesses and is set to be passed in early 2020. Below is an overview of the proposed legislation. Click here for a recap of the Banking Royal Commission from our Head of Class Actions, Ben Hardwick. Under the proposed legislation, mortgage brokers will be required to act in the best interests of consumers when providing credit assistance. That means where there is a conflict of interest between the consumer’s...

Gavel and weights two people talking resized

by Slater and Gordon

Consumer and the Law
When is it OK to sign with an electronic signature?

With advances in information technology, it’s becoming more common for people to sign documents such as contracts, agreements and declarations electronically. Using electronic signatures means that a physical document doesn’t need to be passed around to everyone who is required to sign, saving people time and money. However, it’s important to be aware of the laws surrounding electronic signatures. Not all documents can be signed electronically, and therefore it’s important to understand the rules around using electronic signatures. An electronic signature will generally be valid if it meets three criteria. Firstly, a signing method must be used to identify the person signing and...

Computer And Phone Resized For Blog

by Slater and Gordon

Consumer and the Law
Liar loans: how mortgage brokers are putting clients at risk

The term ‘liar loans’ has been coined on the back of the Banking Royal Commission. This is because studies have shown almost 40 per cent of loan applications completed through mortgage brokers contained at least one factually incorrect statement. Whether mortgage brokers are providing lenders with incorrect information, or information that is out-of-date, they are putting themselves – and their clients – at risk. A recent study conducted by the Consumer Credit Legal Centre in New South Wales identified some mortgage brokers were breaking the law when filling out loan applications for their clients. Common examples included brokers suggesting their clients provide a different answer...

Planning desk close up documentresize

by Slater and Gordon

View more blog posts

We're here to help

Start your online claim check now. Or, if you have a question, get in touch with our team.

Start your claim check online Call us on 1800 444 141