The Australian Financial Complaints Authority (AFCA) published a video featuring Lead Ombudsman Investments and Advice Shail Singh explaining what happens after a consumer receives an AFCA determination and accepts it. The process depends on whether the financial firm is solvent, insolvent, or fails to comply with the determination. Where the firm is solvent, compensation set out in the determination should be paid within 30 days of acceptance. If payment is not received within 30 days, AFCA asks consumers to notify it so it can take reasonable steps to secure compliance, including seeking an explanation from the firm and/or proposing a payment plan, and it will notify the Australian Securities and Investments Commission if the firm still does not pay. If the firm is insolvent or does not comply, AFCA will issue an “appropriate steps notice”, which is required to make a claim to the Compensation Scheme of Last Resort, which applies its own eligibility criteria but does not reinvestigate the merits of the complaint.
Australian Financial Complaints Authority 2026-04-08
Australian Financial Complaints Authority explains post-determination payment timelines and CSLR pathway for unpaid compensation
The Australian Financial Complaints Authority released a video explaining what happens after a consumer accepts an AFCA determination, depending on whether the financial firm is solvent, insolvent, or non-compliant. AFCA expects solvent firms to pay compensation within 30 days and may seek explanations, propose payment plans, and notify the Australian Securities and Investments Commission if payment is not made. If a firm is insolvent or non-compliant, AFCA issues an “appropriate steps notice” enabling a claim to the Compensation Scheme of Last Resort, which applies its own eligibility criteria without reassessing the complaint.