AFCA: The First Foothill between Australia’s Twin Peaks

Schmulow, Andrew, Virginia Dore, Jacob Reardon & William Hanna, "AFCA: The first foothill between Australia’s Twin Peaks", Law and Financial Markets Review, Vol. 14, no. 3, 15 September, 2020, 1752-1459, https://doi.org/10.1080/17521440.2020.1810906.

39 Pages Posted: 3 Feb 2021

See all articles by Andrew Schmulow

Andrew Schmulow

University of Wollongong, School of Law; Clarity Prudential Regulatory Consulting Pty Ltd; Oliver Schreiner School of Law; Centre for International Trade

Virginia Dore

University of Wollongong

Jacob Reardon

University of Wollongong

William Hanna

University of Wollongong

Date Written: September 15, 2020

Abstract

This paper traces the establishment of the new Australian Financial Complaints Authority (AFCA). It places this development within the wider context of what we argue is an important new adjunct to the Australian financial regulatory architecture, and by implication therefore, the international significance of these reforms to countries that have adopted the Australian ?Twin Peaks? model. By reference to the Ramsay Review and other sources, we include analysis of AFCA?s forerunners, and their failures; and we include comparative analysis from other jurisdictions. We provide analysis of AFCA?s strengths and potential weaknesses, and some initial data on AFCA outcomes. Finally, we provide concluding remarks on these reforms.

Keywords: financial regulation, Australia, Ombuds, AFCA, Twin Peaks, consumer protection, Royal Commission

Suggested Citation

Schmulow, Andrew and Dore, Virginia and Reardon, Jacob and Hanna, William, AFCA: The First Foothill between Australia’s Twin Peaks (September 15, 2020). Schmulow, Andrew, Virginia Dore, Jacob Reardon & William Hanna, "AFCA: The first foothill between Australia’s Twin Peaks", Law and Financial Markets Review, Vol. 14, no. 3, 15 September, 2020, 1752-1459, https://doi.org/10.1080/17521440.2020.1810906., Available at SSRN: https://ssrn.com/abstract=3693112

Andrew Schmulow (Contact Author)

University of Wollongong, School of Law ( email )

Northfields Avenue
Wollongong, New South Wales 2522
Australia

Clarity Prudential Regulatory Consulting Pty Ltd ( email )

Level 5, 306 Little Collins Street
Melbourne
Victoria, Victoria 3000
Australia

HOME PAGE: http://www.clarityprc.com.au

Oliver Schreiner School of Law ( email )

PBag X3, WITS
2050 Johannesburg
South Africa

Centre for International Trade ( email )

206 International Hall
Seoul 110-745, 110-745
Korea, Republic of (South Korea)

Virginia Dore

University of Wollongong

New South Wales
Australia

Jacob Reardon

University of Wollongong

New South Wales
Australia

William Hanna

University of Wollongong

New South Wales
Australia

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