The Australian financial regulator welcomed the creation of a new body that will manage complaints in the country's banking industry.
The Australian parliament approved legislation to create a new organization to be known as the Australian Financial Complaints Authority. The body will deal with complaints from consumers and small businesses about banks and other financial institutions.
The new watchdog has been in the pipeline for close to two years and will take up its business no later than November 1, 2018, according to a statement from the Australian Securities & Investments Commission.
A Turbulent Year
The decision follows a turbulent year for the Australian banking and financial services sector. ANZ and National Australia Bank each shelled out A$50 million to settle cases related to the rigging of overnight bank bill swap rates and Commonwealth Bank of Australia was confronted with money laundering charges.
