AFCA appoints financial adviser to board

According to a statement by AFCA, the board of the “one-stop shop” dispute resolution body consists of 10 directors (five industry directors and five consumer directors) as well as an independent chair, a position filled by former Howard cabinet minister Helen Coonan.

Four of 10 board members have been handpicked by Minister for Revenue and Financial Services Kelly O’Dwyer, while the other six are “ongoing directors from the AFCL Transitional and FOS boards,” the statement said.

The five industry directors are FOS board members Robert Belleville and Johanna Turner; NAB general counsel for corporate and governance Jennifer Darbyshire; financial adviser and Accounting Professional & Ethical Standards Board director Claire Mackay; and Andrew Fairley, a lawyer specialising in superannuation.

Consumer directors of the AFCA board are Financial Counselling Australia chair Carmel Franklin; FOS directors Elissa Freeman and Catriona Lowe; CHOICE director of campaigns and communications Erin Turner; and commercial lawyer and mediator Alan Wein.

Ms O’Dwyer said in a separate statement that she was “delighted” to announce the further appointments to the board of AFCA.

“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,” she said.

Until AFCA commences, consumers can lodge complaints with the existing industry bodies FOS, the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT).

The board will assume responsibility from 4 May 2018 and begin taking new complaints from 1 November this year.

Financial firms required to hold membership of an external dispute resolution body will have to join AFCA by 21 September.