AFCA opens joint consultation on draft Approach to family violence and Approach to financial elder abuse
The Australian Financial Complaints Authority (AFCA) is inviting feedback from stakeholders on two Approach documents that focus on key areas within banking and finance.
The documents under consultation are:
The AFCA Approach to family violence (updated) promotes consistency in how related complaints are resolved, giving both financial firms and complainants a clear understanding of what to expect when a complaint involving family violence or financial abuse escalates to AFCA, and how we deal with common issues in these complaints.
The AFCA Approach to financial elder abuse (updated) focuses on financial elder abuse across product areas with an emphasis on the banking and finance sector, outlining challenges in identifying warning signs and highlighting good industry practices for addressing them. It also details how complaints are assessed and reviews common issues that arise in such cases.
The consultation period runs until 4 April 2025. AFIA is now in the process of developing a submission to this consultation and asks that any feedback be provided by Friday 28 March 2025.
Both Approach documents and the consultation paper can be accessed here.
Feedback, questions or queries can be submitted to Luke O’Donnell at luke.odonnell@afia.asn.au.