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Glossary

Australian Financial Complaints Authority (AFCA)

Also called: AFCA

AFCA is the external dispute resolution scheme for complaints about financial firms that are its members, including many lenders, brokers and credit providers. It is free for consumers and some small businesses.

An example

A borrower who is unhappy with how a lender handled a hardship request first complains to the lender. When the internal response does not resolve it, they lodge a complaint with AFCA.

Why it matters

Membership of AFCA is required for many financial firms, but not every private lender is a member. Checking membership before borrowing tells you whether this route will be available.

Points to check

Check whether the lender or broker is an AFCA member before you sign, because AFCA can only consider complaints about its members. You generally need to complain to the firm first and give it time to respond under its internal dispute resolution process. Keep records of calls, emails and documents. Not every business loan falls within AFCA's rules, so read its published rules or contact AFCA if you are unsure whether your complaint can be considered.

Related terms

Further reading: Australian Financial Complaints Authority (AFCA)