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Improving dispute resolution in the financial system

On 9 May 2017, the Government adopted the recommendations in the Review of the Financial System External Dispute Resolution and Complaints Framework (3 April 2017) (Final Report) and announced a new framework for dispute resolution in the financial system under which the proposed Australian Financial Complaints Authority (AFCA) will deal with all financial disputes, including superannuation disputes.

The submission to the Tressury in response to the Consultation Paper "Improving dispute resolution in the financial system", has been prepared by the Superannuation Committee and the Australian Consumer Law Committee of the Law Council of Australia's Legal Practice Section:

The submission has been prepared in two parts. Part A provides the response of the Superannuation Committee and Part B, the response of the ACLC. The views of the Committees are largely consistent, although there are some important differences which are summarised below. The Law Council has not sought to reconcile any differences in the views of the Committees but may attempt to do so if this would assist Treasury.

You can read the full submission below.

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