Government announces appointments to AFCA board
The government has announced the appointment of four board members to the Australian Financial Complaints Authority board and revealed that AFCA will begin accepting complaints from 1 November this year.
Following the appointment of Helen Coonan as independent chair of the Australian Financial Complaints Authority (AFCA) earlier this year, Minister for Revenue and Financial Services Kelly O'Dwyer has announced the appointment of four other appointments to the AFCA board, including financial planner Claire Mackay.
Ms O’Dwyer said Ms Mackay is a highly regarded financial planner, and will bring the perspective of small financial firms to the new Australian Financial Complaints Authority (AFCA) board.
As well as being an APESB director, Ms Mackay is also director and a principal adviser at Quantum Financial, as well as a member of the ASIC external advisory panel.
Other appointees to the AFCA board include Equipsuper independent chair Andrew Fairley, CHOICE director of campaigns and communications Erin Turner, and lawyer, mediator and small-to-medium enterprise (SME) advocate Alan Wein.
Alongside Ms Coonan, the three new appointments will take effect from 4 May.
“I am confident that each board member will make a valuable contribution to guide the new authority to ensure it delivers on its important mandate,” Ms O’Dwyer said.
AFCA will be governed by a board of 11 directors, consisting of an independent chair and an equal number of industry and consumer directors.
In addition, a minority of the directors will be appointed by Ms O’Dwyer.
Ms O’Dwyer also announced the authorisation of Australian Financial Complaints Limited, the entity that will operate AFCA.
AFCA will begin accepting complaints from 1 November.
Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.