Claiming a financial Loss caused by your Bank, Financial advisor or Superannuation/Insurance provider

If you have lost money due to any of the following issues contact us as we may be able to help

  • Bad financial advice provided by the Financial Service Provider (FSP)
  • Your claim for losses rejected by the FSP
  • Your claim for overcharges rejected by the FSP
  • You have a claim for charges incurred where no actual service was performed by the FSP
  • Losses due to irregularities in the administration of your investments by the FSP
  • Your initial approach to make a claim was stonewalled and rejected by the FSP

 

HOW TO CLAIM YOUR UNFAIR LOSSES CAUSED BY BANKS, FINANCIAL ADVISORS OR SUPERANNUATION AND /OR INSURANCE PROVIDERS

  1. The key to success of any claim is to accurately quantify losses supported by documentary evidence.
  2. Establish your loss with documented evidence- Croft and Gray can provide this service.
  3. Make your claim against your FSP.
  4. If the FSP has previously rejected the claim, then review reasons for rejection.
  5. If you believe that you have a case then have the case professionally reviewed.
  6. WE PROVIDE DETAILED FORENSIC ACCOUNTING REPORTS THAT CAN BE USED IN ANY FUTURE COMPLAINT PROCESS.
  7. Make your complaint to the Australian Financial Complaints Authority (AFCA), if have not done so to date.
  8. If your application to AFCA has failed, you are still able to pursue the matter if you did not sign off on the determination (outcome). Recontact the (FSP) with additional information or by pursuing the FSP through legal action.
     
  9. If you are dissatisfied at the AFCA outcome you could consider exposing the situation in the media or contacting your local Member of Parliament and seek access to the Economics standing committee.
Complaints dating back to 1 January 2008

The Government has extended AFCA’s remit to consider financial complaints dating back to 1 January 2008. Consumers and small business owners will be able to lodge legacy complaints between 1 July 2019 and 30 June 2020.

AFCA will be shortly issuing guidance that explains what this change means for you and how to lodge your complaint with them. While awaiting this guidance, please do not lodge a complaint or call AFCA yet.

If your complaint falls within the timeframes indicated in AFCA’s Rules (generally a maximum of six years from awareness of the financial loss), please proceed with lodging your complaint.

https://www.afca.org.au/news/royal-commission-updates/

 

Key Contact Points

Australian Financial Complaints Authority Limited

GPO Box 3
Melbourne, VIC 3001

Phone: 1800 931 678
info@afca.org.au

The Australian Financial Complaints Authority or ‘AFCA’ is an external dispute resolution (EDR) scheme for consumers who are unable to resolve complaints with member financial services organisations.

AFCA replaced the three pre-existing EDR schemes of the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT).

Membership of AFCA is a requirement under law or license condition of all financial firms and financial service providers.

Senate Standing Committees on Economics

PO Box 6100
Parliament House
Canberra, ACT 2600

Phone: +61 2 6277 3540
economics.sen@aph.gov.au

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