Published on May 27, 2019
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Small business owners have to deal with a wide range of issues while running a business. When problems with financial products, services or advice arise they can be time consuming and expensive.
The Australian Financial Complaints Authority (AFCA) can help. AFCA is an independent, not-for-profit, non-government organisation. They assist small businesses resolve financial services complaints. Their service is free and independent.
Who can lodge a complaint with AFCA?
Anyone who has an unresolved complaint with a financial firm can lodge a complaint. This includes:
- sole traders and partnerships.
- small businesses (incorporated and unincorporated) with fewer than 100 employees
- not-for-profit organisations or clubs that are not registered charities, if they engage in business and have fewer than 100 employees
- registered charities with any employment size and regardless or whether they are engaged in business.
What type of financial services complaints do AFCA deal with?
AFCA can assist with a broad range of financial problems, including:
- errors in banking transactions and credit listings.
- errors in leasing contracts.
- denial of an insurance claim (such as car, building and travel).
- difficulty repaying loans, credit cards and short-term finance where your financial position has changed.
- inappropriate provision of credit.
- inappropriate investment advice.
- mistaken internet payments.
- mistakes in guarantor arrangements.
Time limits for complaints
There are time limits for lodging a complaint with AFCA. In most cases you have two years to lodge a complaint with them after you have received a final response from your financial firm. However if you haven’t yet complained to them, you have six years from the time you first became aware of your loss to lodge a complaint.
What if they can’t help?
AFCA will help put you in touch with another organisation that may be able to assist you.
Contact AFCA on 1800 931 678 or go to their website.