Australia to reveal insurers in customer disputes

September 3 2019 by InsuranceAsia News Staff

The Australian Financial Complaints Authority (AFCA) will proceed with its plan to publish the names of financial firms, including insurers, involved in consumer disputes.

In consultation with the Australian Securities and Investments Commission (ASIC), AFCA is planning a start date for the process.

AFCA’s chief ombudsman and chief executive David Locke has said that naming financial firms in AFCA’s published determinations will rebuild public confidence after the Hayne royal commission found widespread misconduct in the financial services sector.

Locke commented: “We already publish decisions on our website, but we have been unable to name the financial firms involved. We welcome ASIC’s approval to change our rules, which will allow us to now name financial firms in decisions we publish on our website.”

He added: “This is an important change, and the public will now be able to access increased information about the actions of financial firms. AFCA plays an important public role and we recognise that transparency in our data and decisions is essential to rebuilding trust in the financial sector.”

The Insurance Council of Australia has previously expressed concern at the move and stressed the need for context.

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