AFCA: the first foothill between Australia's Twin Peaks

Authors

Andrew D. Schmulow, University of WollongongFollow
Virginia Dore, University of Wollongong
Jacob Reardon, University of Wollongong
William Hanna, University of Wollongong

RIS ID

145701

Publication Details

A. Schmulow, V. Dore, J. Reardon & W. Hanna, 'AFCA: the first foothill between Australia's Twin Peaks' (2020) Law and Financial Markets Review

Abstract

2020 Informa UK Limited, trading as Taylor & Francis Group. 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.