Also called: Australian Financial Complaints Authority, External dispute resolution
AFCA
AFCA is the Australian Financial Complaints Authority, the independent external dispute resolution scheme for financial complaints in Australia. Consumers and eligible small businesses can take a complaint to AFCA free of charge after raising it with the firm first.
What is an afca?
AFCA is the Australian Financial Complaints Authority, the independent external dispute resolution scheme for financial complaints in Australia. Consumers and eligible small businesses can take a complaint to AFCA free of charge after raising it with the firm first.
Example
A small business unhappy with a lender's handling of a hardship request can lodge with AFCA once the lender's internal process is exhausted.
Why it matters
Membership means there is an independent avenue if something goes wrong, which is worth checking before you engage any broker or lender.