AFCA

In 2016, the Ramsay Review examined Australia's external dispute resolution framework and identified critical gaps in how consumers resolved financial complaints. The findings revealed a fragmented system with three separate ombudsman services, creating confusion and barriers for Australians seeking fair outcomes. This sparked a transformative vision: to create a single, streamlined one-stop-shop that would make financial dispute resolution accessible to everyone.

On 1 November 2018, that vision became reality with the establishment of the Australian Financial Complaints Authority (AFCA). Merging the Financial Ombudsman Service, Credit and Investments Ombudsman, and Superannuation Complaints Tribunal, AFCA emerged as Australia's independent ombudsman service for the financial services sector. Today, AFCA provides free, fair, and independent dispute resolution for consumers and small businesses, handling over 400,000 complaints in its first five years and continuing to raise standards across the financial industry.