CCIQ Welcomes Establishment of Australian Financial Complaints Authority Urging a Customer First Mindset

Thursday 1 November, 2018 | By: Dan Petrie

The Chamber of Commerce and Industry Queensland (CCIQ) has welcomed the establishment of the Australian Financial Complaints Authority (AFCA) with a firm view that it must work for customers first and foremost. 

The establishment of the Australian Financial Complaints Authority by Federal Treasurer, Josh Frydenberg in the wake of findings by the Hayne Royal Commission provides consumers and small business across Australia with fair, free and independent resolution for financial complaints.

CCIQ notes that the Banking Royal Commission has exposed cases of incredibly poor treatment of small businesses throughout the hearings under the Commissioner, Kenneth Hayne AC QC.

Trust in the financial services sector and the flow of credit are key pillars for the Australian economy particularly for job creation.

CCIQ Chief Economist, Dr Marcus Smith said that matters associated with credit and business lending have to be built upon a strong and responsive regulatory framework so that businesses can concentrate better on their core functions.  

With the revelations from the Hayne Royal Commission, small business will certainly welcome regulatory reform by means of the creation of this free and impartial one-stop shop to redress financial disputes.”

 “It is important for businesses to have confidence that the new Authority will not only be responsive to individual issues of dispute, but also be equipped with the teeth to make binding decisions that may be resolved in a timely manner.”  

CCIQ continues to highlight the challenges for small businesses in obtaining credit and will continue to work with all levels of government to ensure a fair playing field is observed.

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  • yahoo mail sign up 07/11/2018 7:48pm (12 months ago)

    The Banking Royal Commission has exposed cases of incredibly poor treatment of small businesses throughout the hearings under the Commissioner, Kenneth Hayne AC QC.

  • arwain.net 01/11/2018 4:04pm (12 months ago)

    Electricity is the major problem in our city and I think the new Govt. should take action for Electricity. They need to decrease the rates of it and provide you 24 hours light Electricity.

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