NIBA President Tim Wedlock and CEO Dallas Booth recently met with the Chair of the Australian Financial Complaints Authority (AFCA), Helen Coonan, to discuss the work of AFCA and the transition of dispute resolution from the Financial Ombudsman Service (FOS).
Helen Coonan was previously a senior Minister in the Howard Government, and had responsibility for financial services at the time of the public liability insurance crisis in the early 2000’s.
Booth said, “We were pleased learn that the new AFCA Chair was keen to work with NIBA to ensure the external dispute resolution process continues to operate in a fair, effective and cost efficient manner.”
While there will be major changes to the handling of disputes in the superannuation sector, general insurance was expected to continue to operate largely unchanged from recent experience under FOS.
Separately, NIBA CEO Dallas Booth and legal adviser Mark Radford have met with General Insurance Ombudsman John Price and representatives of AFCA to discuss the draft rules under which AFCA will operate. These draft rules will govern the processes and procedures of AFCA once the organisation becomes fully effective on 1 November 2018.