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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 Complaints Tribunal (SCT). [7]
The FOS only considered a complaint after the customer has first attempted and failed to resolve their complaint directly with their financial services provider. [17] Most disputes with financial services providers in Australia were resolved between the customer and the relevant bank, credit provider, insurance company or other financial ...
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) in 2004 to ...
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 corporate regulator became the Australian Securities and Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance and deposit taking. It has since gained further responsibilities: in 2002 for credit, the Australian Stock Exchange in 2009, and Chi-X in 2011.
The Superannuation Complaints Tribunal was an Australian independent statutory body established by the Australian Government to deal with complaints about superannuation and certain life insurance annuities. [1] It was superseded in 2018 by the Australian Financial Complaints Authority (AFCA).
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