The typical complaints process
The AFCA complaints process helps Australians resolve disputes with their bank or financial institution. EquiClaim manages the entire process for you on a no win no fee basis.
Where you are unable to resolve your financial services complaint (e.g. with your bank), you are entitled to have your complaint reviewed and determined by AFCA. You can also read our FAQ page for answers to common questions about AFCA and how we work.
AFCA is the ‘Australian Financial Complaints Authority’, which is a financial services complaints resolution scheme paid for and funded by financial services providers and regulated by the federal government to ensure impartiality.
The typical AFCA process will involve the following steps towards resolution:
Lodgement of complaint
EquiClaim will prepare your complaint and, once approved by you, lodge it with AFCA.
Internal/informal dispute resolution
AFCA will allow your financial service provider up to 30 days to respond to your complaint try and reach a settlement with you. EquiClaim will handle this process on your behalf. Any decisions as to whether to settle and the amount to settle for will be yours.
Case management
If your matter cannot be settled via internal/informal dispute resolution, then AFCA will appoint a case manager (also known as a ‘dispute resolution specialist’). Please note that this can sometimes take up to 2-3 months to occur where AFCA is experiencing high levels of demand. The AFCA case manager will typically explore with the parties whether a settled outcome can be achieved via negotiation or conciliation. The AFCA case manager may also request further information from the parties (e.g. copies of documents) to get a better idea of the background to your matter.
Preliminary decision
If you and your financial service provider are still unable to reach a settlement, then the AFCA case manager will prepare a written preliminary decision. If both you and your financial service provider accept this decision, then the matter will be concluded and we will ensure that you are paid any financial compensation that may be applicable (less EquiClaim’s fee).
Final decision
If any party is not satisfied with the AFCA case manager’s preliminary decision, then they can ask for the matter to be referred to an AFCA decision maker for a final written decision to be made (also known as a ‘determination’). Final decisions can only be appealed by financial service providers in very limited circumstances (e.g. where AFCA has denied a party procedural fairness or natural justice). Where any final decision involves you being awarded financial compensation, we will ensure that you are paid this sum (less EquiClaim’s fee). If you do not wish to accept a final decision made by AFCA, you are still entitled to pursue your claim through the courts. In such a case, EquiClaim strongly recommends that you seek independent legal advice before taking any further action. Please note that EquiClaim is not able to provide you with any legal advice or assist you with taking any court action.