NIBA President Tim Wedlock and CEO Dallas Booth met with the recently appointed Chair of AFCA, Helen Coonan on 4 June 2018.
Coonan has been appointed to head the Board of AFCA, the new external dispute resolution body established by the Federal Government following the merger of the Financial Ombudsman Service, the Credit Industry Ombudsman and the Superannuation Complaints Tribunal.
At the meeting, Coonan indicated her desire to meet with the leaders of key industry bodies, and to establish close working relationships between AFCA and its key stakeholders. The extensive transition activity from FOS to AFCA was discussed, as arrangements are put in place for the formal commencement of AFCA on 1 November 2018.
AFCA will also continue the FOS role in relation to administering the Insurance Brokers Code of Practice, and supporting the Insurance Brokers Code of Practice Code Compliance Committee.
NIBA indicated that brokers were pleased with the Government’s decision to increase the jurisdiction of AFCA to $250,000 for insurance broking disputes (the AFCA jurisdiction for other general insurance disputes will be $500,000). NIBA will also be looking very carefully at the proposed AFCA Rules, which were released for consultation on 1 June 2018.
Coonan indicated she was keen to maintain a close relationship with key stakeholders including NIBA as the reforms are implemented and Wedlock welcomed this approach.