Lawyer Natalie Cameron has been appointed to the key role overseeing half the 70,000 complaints made to the Australian Financial Complaints Authority.
“It is an honour to continue AFCA’s critical work helping consumers and financial firms to resolve disputes,” said Natalie.
“Finding ways to bring fair and efficient resolution to disputes could not be more important in a changing banking and finance environment.
“As well as leading AFCA’s approach to complaints handling and decision-making in banking and finance, I look forward to ongoing engagement with the sector to help build on their positive work to prevent complaints arising.”
Natalie was appointed after an extensive executive recruitment process and moves into the position from her current appointment as Lead Ombudsman for Investments and Advice at AFCA.
She has been acting in the Banking and Finance role since January.
“Natalie brings to this role a wealth of experience in law, financial services and dispute resolution,” said AFCA’s Chief Ombudsman and CEO, David Locke, said.
“She has already made an outstanding contribution as a Lead Ombudsman, both in Investments and Advice and as Acting Lead Ombudsman in Banking and Finance.
“Natalie has a passion for access to justice and delivering fair outcomes for both consumers and financial firms.
“She is a highly capable lawyer and has an open and collaborative leadership style.
“She has already demonstrated that she can build strong relationships with both industry bodies and consumer organisations, and that she can make sound, impartial decisions without fear or favour.”
Lead Ombudsman for Banking and Finance is a key national role, with more than half of the 70,000-plus complaints AFCA registers each year coming from this sector, Mr Locke said.
Natalie will have the opportunity to influence practice by working with banks and financial institutions in areas such as financial difficulty and vulnerable customers, he said.
Shail Singh will continue as Acting Lead Ombudsman, Investments and Advice, for the coming 12 months, having taken on this role earlier this year, Deputy Chief Ombudsman Dr June Smith said.
“Shail will continue acting in this role in a year when we are likely to see the implementation of a compensation scheme of last resort and the outcomes of the Quality of Advice review.”
AFCA has five Lead Ombudsmen, in Banking and Finance, Investments and Advice, Insurance, Small Business and Superannuation.
“Their leadership underpins our independent, fair and consistent approach to the resolution of complaints between consumers and financial firms,” Dr Smith said.
Up to the beginning of June, there were 2,447 open complaints involving 44 financial firms, with claims nearing $377 million under investigation by AFCA.
More than 30% worth of complaints were assigned to ‘payment systems’ such as major banks and online payment methods.
Earlier this year at FINSIA’s signature event, ‘The Regulators’, Michele Bullock, Deputy Governor of the Reserve Bank of Australia highlighted the importance of regulating non-bank players and online payment systems.
