FOUR new members have been appointed to join independent chair Helen Coonan on the Australian Financial Complaints Authority (AFCA) board.
AFCA is the “new one-stop shop” dispute resolution body for the financial system, according to Minister for Revenue and Financial Services, Kelly O’Dwyer. AFCA is to be governed by a board of 11 directors, consisting of an independent chair (Ms Coonan) and an equal number of industry and consumer directors.
The four board members to be appointed are Claire Mackay, Andrew Fairley, Erin Turner and Alan Wein.
Ms Mackay, an experienced financial planner is being appointed as an industry director. She is expected to bring the perspective of small financial firms to the AFCA board.
Mr Fairley is an equity lawyer with over 35 years specialist experience in superannuation and he is also being appointed as an industry director. He is expected to bring the perspective of the superannuation industry to the AFCA board.
Ms Turner is an experienced consumer advocate, appointed to AFCA as a consumer director. She is expected to bring the perspective of consumers of financial services to the AFCA board.
Mr Wein is a lawyer, mediator and experienced advocate for small and medium sized businesses. Mr Wein will be appointed as a consumer director and is expected to bring to the AFCA board an understanding of the experiences of small businesses in dispute with financial services businesses.
The appointments took effect last financial year.
“I am confident that each board member will make a valuable contribution to guide the new authority to ensure it delivers on its important mandate,” Minister O’Dwyer said.
AFCA will officially operate from November this year.