What should you do if you are unhappy with an AFCA Decision?
Receiving an unfavourable decision from the Australian Financial Complaints Authority (AFCA) can be frustrating and disappointing. Whether you disagree with the finding of fault or the amount of loss calculated you could have options to pursue your claim. In our experience we recommend taking the following steps before deciding whether to accept or reject an AFCA decision:
Receiving an unfavourable decision from the Australian Financial Complaints Authority (AFCA) can be frustrating and disappointing. Whether you disagree with the finding of fault or the amount of loss calculated you could have options to pursue your claim. In our experience we recommend taking the following steps before deciding whether to accept or reject an AFCA decision:
- Understand the Decision: Before taking any further action, carefully review the decision provided by AFCA. Make sure you understand the reasoning behind their conclusion and the factors that influenced their judgement. Understanding the decision thoroughly will help you determine if there are grounds for an appeal or if there are any misunderstandings that need clarification.
- Speak to AFCA: It may be possible to speak with AFCA directly to understand the basis to their decision to understand if there is an error in the decision. This could include informally reviewing the decision or seeking ombudsman review of any errors identified
- Seek Legal Advice: If you believe that the AFCA decision is unjust or incorrect, consider seeking legal advice from a qualified professional. FD Legal has experience in financial disputes and can provide valuable insights into your case, assess the strength of your arguments, and advise you on the best course of action moving forward. We can also help you understand the legal processes involved in challenging the decision.
- Request a Review: In certain circumstances AFCA can review decisions made in respect of errors in respect of facts or simple calculation mistakes. This request needs to be made in writing to AFCA and explain the errors in the decision making.
- Consider Legal Action: If you exhaust all available avenues and remain unsatisfied with the outcome, you may consider taking legal action. This could involve initiating court proceedings against the financial firm subject of your complaint or seeking judicial review of AFCA decision making.
It's important to remember that there are options available to address your concerns and seek a fair resolution if you are unhappy with AFCA’s decision. Contact FD Legal to discuss your AFCA matter and we can help you understand your options to seek redress. Contact FD Legal on 1300 433 533 or enquiry@fdlegal.com.au to discuss your circumstances.
