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2017-18 Annual Report

The 2017-18 Annual Report of the Superannuation Complaints Tribunal was presented in Parliament on 23 October 2018.

"The Tribunal continued to see high levels of consumer contact, with the method of contact shifting significantly to electronic means of communication," said Chairperson Helen Davis.

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AFCA and SCT statement on transitional arrangements

The Australian Financial Complaints Authority (AFCA) will commence receiving complaints on 1 November 2018. AFCA replaces the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT).

AFCA and SCT have been working collaboratively during the last six months to ensure there are appropriate transition arrangements in place for the effective handling of superannuation disputes immediately prior to and after 1 November. 

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Authorisation of body to operate the Australian Financial Complaints Authority

The Minister for Revenue and Financial Services yesterday announced the authorisation of Australian Financial Complaints Limited to operate the Australian Financial Complaints Authority (AFCA).

AFCA is the new one-stop-shop for financial complaints, and will replace the Superannuation Complaints Tribunal (SCT), the Financial Ombudsman Service and the Credit and Investments Ombudsman.

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Australian Financial Complaints Authority- legislation passed

Earlier this week, the Bill to establish the Australian Financial Complaints Authority (AFCA) passed through parliament. AFCA will be a new one-stop-shop dispute resolution scheme that will replace the Superannuation Complaints Tribunal (SCT), the Financial Ombudsman Service and the Credit and Investments Ombudsman.

The Government announced that AFCA will start receiving disputes from no later than 1 November 2018. SCT will continue to operate for a time after AFCA's introduction to resolve outstanding complaints.

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