The Australian Financial Complaints Authority (AFCA) has announced that it has adjusted its monetary limits for complaints submitted to it on or after 1 January 2021.
The new limits will apply for the next 3 years (see table below).
The new monetary limits include:
- the maximum value of a claim for compensation AFCA can consider;
- the maximum size of a credit facility AFCA can consider a complaint about;
- the maximum amount AFCA can award a consumer or small business for complaints about banking and finance, general insurance, life insurance and investments and advice.
Superannuation complaints are not affected.
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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.
