The Australian Financial Complaints Authority (AFCA) has increased its monetary limits and compensation caps for all general complaints received by AFCA from 1 January 2024.
Under the new limits, AFCA can consider disputes where the amount being claimed by a consumer does not exceed $1,263,000.
For small businesses and primary producers, the AFCA jurisdiction limit on a claim about a credit facility must not exceed $6,317,000.
There is also a limit on the amount of compensation AFCA can order, per claim. The limits differ depending on the type of claim. For more detail you can see the new limits below.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
