Adviser Innovation logo
Adviser Innovation logo
Advisor Inovation logo
AFCA announces ‘milestone’ platform to address dispute resolution

AFCA announces ‘milestone’ platform to address dispute resolution

author image
By Neil Griffiths ·
November 19 2021

AFCA announces ‘milestone’ platform to address dispute resolution

The financial services ombudsman has announced a new platform aimed at helping firms better manage dispute resolution.

AFCA announces ‘milestone’ platform to address dispute resolution
nestegg logo

The Australian Financial Complaints Authority’s (AFCA) has described its digital member benchmarking dashboard as an interactive platform that provides near real-time complaints data and is updated daily.

The dashboard provides a clearer understanding of complaints and how quickly they’re being resolved.

AFCA chief executive and chief ombudsman David Locke said the new platform is a “significant milestone” and will help firms reduce customer complaints.

“Using the new dashboard, AFCA members can investigate the types of complaints they receive, how well they respond to disputes, and how their performance compares to other firms in their industry,” Mr Locke said.  

Advertisement
Advertisement

“By providing members with greater data and insights, we hope to help financial firms improve customer service and minimise disputes.” 

The dashboard is currently only available to AFCA member firms, however the ombudsman will continue to provide complaint insights through its free AFCA Datacube.

Mr Locke said the new platform is designed to improve industry practice and how it handles complaints that are escalated.

“As an external dispute resolution provider, AFCA’s primary role is to resolve complaints,” he explained.

“However, we also have a responsibility to encourage best practice, so firms receive fewer complaints in the first place.”

The platform will be rolled out to members throughout this month and December.

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook.
Find us on Twitter for the latest updates
author image

About the author

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.

Subscribe to our Newsletter

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

latest articles