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Australian Financial Complaints Authority takes shape

THE NEW one-stop shop for financial complaints is taking shape, delivering on the Turnbull Government’s commitment to overhaul the external dispute resolution framework for financial disputes in Australia, providing consumers and small businesses with access to free, fast and binding dispute resolution.

The Minister for Revenue and Financial Services, Kelly O’Dwyer MP, has today announced the authorisation of Australian Financial Complaints Limited to operate the Australian Financial Complaints Authority (AFCA), the new financial dispute resolution scheme.

“Consumers and small businesses across Australia will benefit from the establishment of the Australian Financial Complaints Authority,” said Minister O’Dwyer.

“AFCA will have expertise to deal with all disputes across the entire financial services industry, including superannuation and small business lending disputes.”

“For the first time ever, consumers will be able to go to one place to resolve any kind of financial complaint, and the new AFCA scheme will operate under significantly higher monetary limits and compensation caps to boot.”

“Labor and the Greens sought to defeat these important reforms by moving amendments to exclude superannuation disputes from AFCA’s remit. If they had been successful, 70 percent of all superannuates who hold life insurance through their superannuation would not have benefited from the new one-stop-shop and significantly faster resolution of their complaint,” said Minister O’Dwyer.   

AFCA will commence accepting complaints from 1 November 2018. This commencement date will allow AFCA sufficient time to put in place the necessary infrastructure and staff to be ready to receive complaints.

Consumers will be able to lodge complaints with the existing industry ombudsman schemes – the Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman (CIO) – and the Superannuation Complaints Tribunal (SCT) until AFCA commences.

The SCT will continue to operate beyond AFCA’s commencement to resolve the existing complaints it has on hand. Complaints lodged with the SCT will not be transferred to AFCA. The Treasury has put together a fact sheet to assist people who have already lodged a complaint with SCT, or who are thinking about making a complaint in the future. The fact sheet is available for download.

Minister O’Dwyer announced that financial firms would be required to become members of AFCA by 21 September 2018. 

All Australian Financial Services Licensees, Australian Credit Licensees, superannuation trustees and other financial firms required to become members of AFCA by law will need to do so by no later than 21 September 2018. AFCA will, in the coming months, outline the process for applying for membership.

One of the first priorities of the AFCA Board will be to commence public consultation on the AFCA terms of reference (known as the AFCA Rules) and the scheme’s interim funding model.

The AFCA Board will continue to engage with the existing dispute resolution bodies to bring about a smooth transition to AFCA for consumers and financial firms. Further information on the transition will become available on the AFCA website, which will be released shortly.

“I would like to thank Dr Edey, Chair of the AFCA Transition Team, for his dedication and expertise, and for the extensive consultation he and the Team have undertaken with industry and consumer groups,” said Minister O’Dwyer.

Minister O’Dwyer also acknowledged the significant work undertaken by the Joint Working Group comprised of representatives from FOS and SCT, which was established to consider how the transition to a single dispute resolution body could be best achieved. Members of the Joint Working Group were part of the company that submitted the application to operate the AFCA scheme.

“I would, in particular, like to acknowledge the contribution made by Professor Michael Lavarch AO during his tenure as Chair of the FOS and the Joint Working Group. His leadership over an extended period has been instrumental in bringing about a smooth transition to AFCA.”

“I am also grateful for the leadership of Shane Tregillis, FOS CEO, and his team for their collaborative engagement with the AFCA Transition Team,” Minister O’Dwyer concluded.

www.treasury.gov.au

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Queensland Music Festival seeks young composers to enter statewide film score competition

QUEENSLAND high school students keen to follow in the legendary footsteps of film composers such as Ennio Morricone and John Williams are encouraged to enter Queensland Music Festival’s (QMF) annual state-wide competition Score IT!, which closes on May 18.

Budding high school composers are invited to create an original composition to accompany a short animated film produced by Griffith Film School, with winning entries to be performed by a live orchestra in July 2018.

There are three categories for entry: Score IT! Junior (year 7-10) will see students create a score for The Forest, the story of a young monk who must help a deer in order to restore peace to the forest. Score IT! Senior (year 11-12) entrants will use The Poet and the King for inspiration, the story of a king who attempts to win the love of a court poet with a series of terrible poems. Score IT! Plus (year 7-12) comes with the added challenge of composing for specified instrumentation and submitting a written score to Sweep, the story of the young chimney sweeper who rescues a cat to try and win a girl’s heart.

Entries will be judged by an expert panel including QMF Artistic Director Katie Noonan, award-winning screen composer Cameron Patrick, known for orchestrating films such as Spiderman: Homecoming, Zootopia, Jurassic World, UP, Jupiter Ascending, and Star Trek: Into Darkness, as well as industry leaders from Griffith Film School, Queensland Conservatorium Griffith University, Queensland School of Film and Television and PixelFrame.

QMF Artistic Director Katie Noonan said Score IT! would help inspire the next generation of composers.

“Music speaks - without words. I can recall many film scores that have moved me throughout the years, and I can’t wait to hear what our talented young composers come up with for the three beautiful animations produced by Griffith Film School students,” Ms Noonan said.

“Many past Score IT! participants have gone on to study music at university and are still following their passion, which is exactly why we started this Queensland Music Festival project in the first place.”

Minister for the Arts Leeanne Enoch said Score IT! was a wonderful initiative that encouraged Queensland’s young creatives to test their skills and create an imaginative film score.

“The Queensland Government supports the Queensland Music Festival and Score IT! as part of our commitment to fostering a vibrant, sustainable and accessible arts sector, including nurturing our emerging artists and musicians.

“QMF does a great job of delivering outstanding legacy programs and projects for our state, and I look forward to Score IT! and the other exciting events in store for 2018,” Ms Enoch said.

Finalists will be invited to take part in a number of composition workshops and masterclasses led by senior lecturers and practitioners from the Queensland Conservatorium Griffith University in July, and will also take part in a half-day workshop with top video and digital agency, PixelFrame.

The winners will take home RØDE Microphones recording gear, and the winning Score IT! Plus composition will be performed by students from Queensland Conservatorium – Griffith University at Griffith Film School on 25 July 2018.

Composer Cameron Patrick said music was key to creating a film’s emotional highs and lows.

“Each of the short films alludes to a specific geographical setting, and while not absolutely required, the students might want to incorporate certain instrumental sampled sounds to give the audience an immediate association with that place.”

“Perhaps Tibetan instruments like the Piwang could be used for The Forest in the Junior competition.  For The Poet and the King, the Persian Setar might be a good choice. In Sweep for the Plus competition, while not explicitly set in London, students might want to explore an English or even European flavour. YouTube is a wonderful resource for researching, watching and listening when it comes to instruments from other cultures,” Mr Patrick said.

Score IT! is presented by QMF and Brisbane City Council and supported by Griffith Film School Griffith University, Queensland Conservatorium – Griffith University, APRA AMCOS, Queensland School of Film and Television, PixelFrame and RØDE Microphones.

For more information visit qmf.org.au.

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Ministerial authorisation of the Australian Financial Complaints Authority

THE Australian Financial Complaints Limited (AFCL) has received authorisation from the Minister for Revenue and Financial Services to establish and operate the Australian Financial Complaints Authority (AFCA).

Under the Minister’s Authorisation, AFCA will commence accepting new complaints on 1 November 2018. All financial firms required to hold membership of an external dispute resolution scheme will be required to join AFCA by no later than 21 September 2018. Ninety-eight percent of current members of the Financial Ombudsman Service (FOS) have already completed the annual assessment and member declaration to ensure a smooth transition to AFCA. 
 
The current Transitional Board of AFCL was formed for the purpose of making the application for authorisation and is chaired by Prof. Michael Lavarch and comprises the FOS Board and two members of the Superannuation Complaints Tribunal Advisory Council. 
 
The inaugural AFCA Board, to be chaired by Helen Coonan, will formally assume responsibility from 4 May 2018 for the implementation of the new scheme. The AFCA Board will comprise Helen Coonan, four directors appointed by the Minister and six ongoing directors from the AFCL Transitional and FOS Boards. The directors on the AFCA Board effective 4 May 2018 are set out below.
 
The AFCL Transitional Board notes the contribution of Michael Lavarch, David Coorey and Louise Lakomy and thanks them for their service to AFCL, FOS and its predecessor schemes. The AFCL Transitional Board would like to thank John Berrill and Michael Dwyer for their contributions on both the Joint Working Group and AFCL Transitional Board. One of the early actions of the new AFCA Board will be to consult stakeholders on the proposed AFCA Rules and on an interim funding model for the new scheme.
 
As part of the interim funding arrangements, there will be separate and appropriate arrangements for the funding of superannuation disputes. This will be based on using the parameters applied for the current APRA levy calculations.
 
AFCA will also work with financial firms on the process to formally become a member of AFCA by 21 September 2018.  

The AFCA Board will continue working with the Credit and Investments Ombudsman (CIO) Board on the necessary arrangements for a transfer of its members and operations to AFCA. AFCA will continue its close collaboration with the Superannuation and Complaints Tribunal (SCT) during the transition process.
 
In the lead up to the commencement of the AFCA EDR scheme on 1 November 2018, AFCA will be actively engaging with all its stakeholders, including consumer organisations.
 
Contact details for AFCA, including its website and contact number will be available from today. 
 
Member inquiries:     This email address is being protected from spambots. You need JavaScript enabled to view it.

AFCA Board
 

Role

Name

Independent Chair

Helen Coonan

Industry Directors

Robert Belleville

 

Jennifer Darbyshire

 

Claire Mackay

 

Johanna Turner

 

Andrew Fairley AM

Consumer Directors

Carmel Franklin

 

Elissa Freeman

 

Catriona Lowe

 

Erin Turner

 

Alan Wein

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Infrastructure, training and tax cuts lead State Budget boost for Victorian business

THE Victorian Chamber of Commerce and Industry today welcomes the major investments in infrastructure, training and regional tax relief contained in the 2018/19 State Budget.

Victorian Chamber of Commerce and Industry Chief Executive Mark Stone said it is pleasing to see many of the Victorian Chamber’s recommendations taken up in this State Budget.

“The pro-business initiatives provide a boost to Victoria’s 590,000 businesses and create new employment, investment and trade opportunities," Mr Stone said.

“With an average annual infrastructure spend of $10.1 billion per year over the next four years, the budget is tackling the state’s congestion and growth challenges, benefiting industry through more efficient freight movements and supply chain opportunities for tens of thousands of businesses,” he said.  

Key infrastructure initiatives contained in the State Budget include:

  • $110 million to fast track the completion of design and planning for the North East Link
  • $50 million for detailed planning of a fast train to Geelong integrated with an Airport Rail Link
  • $712 million for the second stage of the Monash Freeway upgrade
  • $941 million for regional road upgrades
  • $50 million for community infrastructure in fast growing interface council areas
  • $153.2 million for a Geelong City Deal that includes a new convention centre and Stage 2 of the Shipwreck Coast Masterplan.

Mr Stone also welcomed an extensive skills package, including stronger secondary school pathways to apprenticeships and traineeships and better career advice to ensure more skilled workers are job ready.

Key skills and training initiatives include:

  • $172 million to make TAFE training free for 30 priority courses
  • $25.9 million to strengthen vocational pathways
  • $109 million to improve student career advice
  • $48.9 million to fast track secondary school students into apprenticeships and traineeships.

Mr Stone said thousands of regional businesses will save $167 million with a new lower payroll tax rate of 2.425 per cent, making regional Victoria a destination for investment with the lowest payroll tax rate in the nation.
 
“However, while welcoming the reduction in regional payroll tax, the Victorian Chamber will continue to call on all parties to provide wider payroll tax relief by increasing the payroll tax threshold to $850,000 in the lead up to the election,” he said. 
 

About the Victorian Chamber of Commerce and Industry
The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

www.victorianchamber.com.au

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Applications for Community Sector Banking’s $300,000 Social Investment Grant Program now open

APPLICATIONS open today for Community Sector Banking’s 2018 Social Investment Grants Program, building resilience and capability for people who are experiencing homelessness or domestic abuse. Not-for-profits can apply for grants totalling $300,000.

The program was launched yesterday at the Queen Victoria Women’s Centre in Melbourne, where past recipients Youth Project and the Melbourne Homelessness Collective, and social commentator Van Badham spoke about the issues of homelessness and domestic abuse.

This year’s Social Investment Grant Program has increased by $100,000.

“The impressive growth in our annual Social Investment Grant funding pool speaks to the strength of the grants program – which is financed by contributions from Social Investment Deposit Account holders, along with 50% of our net profits from that product,” said Andrew Cairns, Community Sector Banking CEO.

“It’s a fantastic example of the power for good that everyday banking can have in strengthening not-for-profits, and in turn, communities that benefit from their services.”

Not-for-profits can apply for grants of $25,000 or $50,000 to build resilience and capability in people experiencing homelessness or domestic abuse.

Cairns acknowledged that the theme for the 2018 grants – homelessness and domestic abuse – is the same as the 2017 program.

“We received an overwhelming number of applications to last year’s program, highlighting the huge need in the community and the sector for addressing these issues. We’re proud to be continuing and increasing our support,” said Mr Cairns.

“We recognised that homelessness and domestic abuse remain the greatest crises Australian communities currently face, and that long-term support and solutions are key to properly address them,” said Cairns.

Find out more about the Social Investment Grants Program at: communitysectorbanking.com.au/grants

About Community Sector Banking

Community Sector Banking is the not-for-profit banking specialist for more than 13,000 organisations; it’s a joint venture between Bendigo Bank and the Community 21 consortium of not-for-profit organisations, established 15 years ago.

About the Social Investment Grant Program

Community Sector Banking’s annual Social Investment Grants Program shows the power for good that everyday banking can have in the community. The grants program is funded by Community Sector Banking contributing 50 percent of the net profit earned on all Social Investment Deposit Accounts. Account holders can also choose to contribute 50 percent or 100 percent of the interest earned on their account. It’s administered in conjunction with the Community Enterprise Foundation.

Community Sector Banking selects the grants’ theme each year through assessing need and determining the areas in which they will generate the most impact. Find out more about the Social Investment Grants Program at: communitysectorbanking.com.au/grants

Key dates for the 2018 Social Investment Grants Program:

 

  • 1 May 2018 - grant applications open today
  • 31 May 2018 - grant applications close 5pm AEST

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