A transition team will be put in place to ensure that the Australian Financial Complaints Authority (AFCA) is operational by 1 July 2018.

Provided the legislation to create AFCA passes parliament, the transition team will focus on overseeing the operational transition from the current schemes and bodies to AFCA, while consulting “extensively” with the Financial Ombudsman Service, the Superannuation Complaints Tribunal, the credit and Investments Ombudsman as well as industry and consumer stakeholders.