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Establishment of the Australian Financial Complaints Authority

Published: 21 Nov 2017

Superficially the combining of three different financial services complaints bodies into a new ‘one stop shop’ appears to have efficiency benefits. However, a deeper examination reveals profound challenges, which will be difficult for AFCA to overcome.

These challenges include: concerns that superannuation fund complainants will not be better off; that trustees may face conflicting duties under law; and that superannuation is a unique product and the case for changes has not been made.

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