What does AFCL mean in GENERAL
AFCL is an acronym that stands for Australian Financial Complaints Limited. Established in 1998, AFCL is an independent body that provides an external dispute resolution service for financial consumers in Australia.
AFCL meaning in General in Business
AFCL mostly used in an acronym General in Category Business that means Australian Financial Complaints Limited
Shorthand: AFCL,
Full Form: Australian Financial Complaints Limited
For more information of "Australian Financial Complaints Limited", see the section below.
What does AFCL do?
AFCL's primary role is to resolve disputes between consumers and financial institutions, including banks, credit unions, and insurance companies. The organization offers a free and impartial service to individuals who have exhausted internal complaint-handling processes within their financial institution.
Dispute Resolution Process
- Intake: Consumers can lodge a complaint with AFCL online, by phone, or by mail.
- Assessment: AFCL assesses the complaint and determines if it meets the eligibility criteria.
- Mediation: If eligible, AFCL attempts to facilitate a resolution between the consumer and the financial institution through mediation.
- Determination: If mediation is unsuccessful, AFCL may issue a determination that is binding on both parties.
Eligibility Criteria
- Complaints must relate to a financial product or service provided by an AFCL member.
- The complaint must have been made within 12 months of the dispute arising.
- The consumer must have exhausted the internal complaint-handling process of the financial institution.
Essential Questions and Answers on Australian Financial Complaints Limited in "BUSINESS»GENERALBUS"
What is AFCL?
AFCL (Australian Financial Complaints Limited) is an independent external dispute resolution scheme that provides free and fair resolution services for complaints about financial firms.
Who is AFCL for?
AFCL is available to consumers and small businesses who have a complaint about a financial firm that is a member of AFCL.
What types of complaints does AFCL handle?
AFCL handles a wide range of complaints related to financial products and services, including:
- Banking
- Credit and loans
- Investments
- Insurance
- Superannuation
How do I make a complaint to AFCL?
You can make a complaint to AFCL online, by phone, or by mail. You will need to provide details of your complaint, including the financial firm you are complaining about and the nature of your complaint.
What happens after I make a complaint to AFCL?
AFCL will assess your complaint and determine if it is eligible for investigation. If your complaint is eligible, AFCL will contact the financial firm and give them an opportunity to respond. AFCL will then make a decision based on the evidence and submissions from both parties.
Is there a cost to make a complaint to AFCL?
No, there is no cost to make a complaint to AFCL.
How long does it take AFCL to resolve a complaint?
The time it takes AFCL to resolve a complaint will vary depending on the complexity of the complaint. AFCL aims to resolve complaints within 90 days, but some complaints may take longer.
Final Words: AFCL plays a crucial role in providing an independent and accessible dispute resolution service for financial consumers in Australia. By offering impartial mediation and determinations, AFCL helps to resolve complaints and protect the rights of financial consumers.
AFCL also stands for: |
|
| All stands for AFCL |