The Albanese Government has today released for consultation draft legislation to restore access to external dispute resolution for consumers of financial services, including insurance and superannuation, following a Federal Court decision late last year.
The court’s decision in MetLife Insurance Limited v Australian Financial Complaints Authority (AFCA) Limited (the MetLife decision) created uncertainty around whether certain complaints could be heard by AFCA when they ‘relate to superannuation’.
The legislation will clarify that AFCA can consider complaints that ‘relate to superannuation’ in line with its established practice prior to the MetLife decision. The amendments will apply retrospectively to ensure that consumers do not lose access to external dispute resolution and consumers who have had their complaints paused will be able to have their claims considered by AFCA as intended when AFCA was established.