May 1, 2018
The Federal Government has named one financial adviser among four people appointed to the board of the new single dispute resolution body, the Australian Financial Complaints Authority (AFCA).
The Minister for Revenue and Financial Services, Kelly O’Dwyer, announced that Sydney based Director and a Principal Adviser at Quantum Financial, Claire Mackay has been appointed to the AFCA Board as an industry director and “…will bring the perspective of small financial firms to the AFCA board”.
Other appointees include equity lawyer and current independent Chair of Equipsuper, Andrew Fairley; commercial litigation, insurance and financial disputes lawyer Alan Wein and the Director of Campaigns and Communications at CHOICE, Erin Turner. Wein and Turner have been appointed as a consumer directors.
The appointments follow the recent announcement that former Howard Government Assistant Treasurer, Helen Coonan had been named as the inaugural chair of the new authority (see: Government Names Chair of New Dispute Scheme).
A total of 11 directors, including the chair and an equal number of industry and consumer directors, will oversee AFCA with O’Dwyer appointing a minority of the inaugural board. The current crop of appointments will take effect from 4 May 2018.
The Minister also announced that all Australian Financial Services Licensees will be required, under law, to become members of AFCA by 21 September 2018 and that information around that process will be released in the coming months.