Australian Financial Complaints Authority (AFCA)

The Australian Financial Complaints Authority launched in November 2018, replacing the Financial Ombudsman Service (Australia), the Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal in a single consolidated scheme. AFCA handles complaints about banks, insurers, superannuation funds, financial advisers, and other licensed financial firms at no cost to consumers.

For fraud victims, AFCA is the primary escalation route when a bank or insurer refuses to compensate a customer for an unauthorised transaction or scam-related loss. AFCA can award compensation of up to $1 million for financial losses (higher for some claims involving superannuation) and can direct firms to change their practices. Decisions are binding on firms if the consumer accepts them.

AFCA data published in annual reviews shows that scam-related complaints have grown sharply in Australia, driven by investment fraud and romance scams. The Australian Scamwatch service (operated by the ACCC) handles initial fraud reporting, while AFCA handles disputes with financial firms that arise from those losses.