Change to conditions of AFCA’s authorisation as ombudsman service

Assistant Treasurer and Minister for Financial Services Stephen Jones has announced a new ministerial direction which will enable the Australian Financial Complaints Authority (AFCA) to investigate culpability of the receiving bank on behalf of a scam victim. This will empower AFCA to investigate the actions of every bank in the scam chain. 

AFCA will work with industry and consumer groups over coming months to finalise the implementation of this ministerial direction. 

In a corresponding media release, AFCA CEO and Chief Ombudsman David Locke said, ‘We welcome this direction from the Government. AFCA will work with industry and consumer groups over coming months on the changes required to AFCA’s Rules to ensure a smooth transition to implement this change.’