The Australian Prudential Regulatory Authority (APRA) and the Austrian Financial Complaints Authority (AFCA) have agreed to work together to help keep the financial system fair and effective. They have signed a new Memorandum of Understanding to make this happen | Australia.
AFCA, a non-profit organization that provides a membership-based external dispute resolution service to Australian consumers in Australia, declared that it had agreed to a memorandum of understanding with the prudential regulator. This agreement will establish the framework for cooperation between the two entities.
AFCA and EDR have agreed to work together in a cooperative and coordinated manner. According to David Locke, AFCA’s CEO and Chief Ombudsman:
“The memorandum of understanding reflects their commitment to a proactive, open, and collaborative relationship. This partnership will include the sharing of information”.
Lock said:
While we have distinct mandates and responsibilities, we have the common goal of protecting consumers and contributing to the maintenance of consumer confidence in Australia’s financial system.
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