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Australian Financial Complaints Authority

The Law Council welcomes the opportunity to provide this submission to the Treasury regarding the Establishment of the Australian Financial Complaints Authority Consultation Paper (the Consultation Paper) and the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017 (the Bill).

This document encompasses two separate submissions in response to many of those issues identified within the Consultation Paper and Bill. These submissions have been prepared by the Financial Services Committee (FSC) of the Law Council’s Business Law Section and the Superannuation Committee of the Law Council’s Legal Practice Section.

Comments provided by the FSC can be found at Part A of this document while comments provided by the Superannuation Committee can be found at Part B.

Whilst the FSC and Superannuation Committee generally agree on those issues that are commonly addressed in their respective submissions, these Committees have adopted different approaches in responding to the Consultation Papers and at times have provided contributions offering distinct insights with differences occurring in certain instances.

You can read the full submission below.

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