Government appoints inaugural AFCA board members

The Minister for Revenue and Financial Services, Kelly O’Dwyer has announced the appointment of the inaugural board members of the Australian Financial Complaints Authority (AFCA).

She had announced Helen Coonan as Independent Chair of the body earlier this year.

“I am delighted to today announce four further appointments to the AFCA board,” said Minister O’Dwyer.

AFCA is the new one-stop shop dispute resolution body for the financial system, governed by a board of 11 directors, consisting of an Independent Chair and an equal number of industry and consumer directors.  The Minister for Revenue and Financial Services will appoint a minority of the inaugural AFCA board.

The four board members to be appointed are:

  • Claire Mackay – a highly regarded financial planner. Mackay will be appointed as an industry director. She will bring the perspective of small financial firms to the board.
  • Andrew Fairley – an equity lawyer with over 35 years’ specialist experience in superannuation. Fairley will be appointed as an industry director. He will bring the perspective of the superannuation industry to the board.
  • Erin Turner – an experienced consumer advocate.  Turner will be appointed as a consumer director. She will bring the perspective of consumers of financial services to the board.
  • Alan Wein – a lawyer, mediator and experienced advocate for small and medium sized businesses. Wein will be appointed as a consumer director. He will bring to the board an understanding of the experiences of small businesses in dispute with financial services businesses.

Their appointments, along with Coonan’s, will take effect from 4 May 2018. B

“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,” O’Dwyer concluded.