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Membership of AFCA is a requirement under law or license condition of all financial firms and financial service providers that provide services in Australia. [3] AFCA is led by the Chief Ombudsman and CEO, presently David Locke. [4] [5]
Australian insurance law is based on commercial contract law, but is subject to regulations that affect the insurance industry and insurance contracts within Australia. Commonwealth Parliament has power to make laws with respect to insurance and insurance companies under section 51 (xiv) (insurance other than state insurance) and (xx) (the ...
Sparke Helmore Lawyers is a law firm with more than 800 employees working from nine offices across Australia. It aims to support the needs of the insurance, government, financial services, technology, mining, construction and property sectors.
The Service was governed by its term of reference which allowed for it to hear matters within six years of the first knowledge of a financial loss and for the Service to award remedies capped at A$ 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 ...
The Commonwealth Ombudsman in Australia was established in 1977. [1] The Ombudsman can investigate complaints from people who believe they have been treated unfairly or unreasonably by an Australian Government department / agency or prescribed private sector organisation, including Australia Post, Centrelink, Child Support and the Department of Immigration and Border Protection.
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. [ 2 ]
The Corporations and Financial Services Commission was renamed and its role expanded as the Australian Securities and Investments Commission (ASIC) to deal with market integrity, consumer protection and corporations. APRA was established on 1 July 1998 under the Australian Prudential Regulation Authority Act 1998.
The Credit and Investments Ombudsman (CIO) (until 2014 known as the Credit Ombudsman Service) was an Australian alternative dispute resolution or ombudsman that helped settle disputes between consumers and financial credit providers. The organisation was replaced with the Australian Financial Complaints Authority (AFCA) in 2018.