What happens if the Australian Financial Complaints Authority makes a recommendation that either party rejects? Discuss...

What happens if the Australian Financial Complaints Authority makes a recommendation that either party rejects? Discuss in 80–100 words.

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Expert Solution

External Dispute Resolution (EDR) is a process of resolving disputes / complaints between two parties, before either of them legally proceeding against the other.

Australian Financial Complaints Authority is one such service under EDR mechanism; Based on the relevant study conducted by AFCA, based on the facts provided by both the parties to the dispute, a resolution is recommended.

If the recommendation is not acceptable by the either of the parties, they can represent their facts and the reasons for rejections, in writing to AFCA. The AFCA might/shall ask for more information related to the revised claim and shall issue a revised recommendation (apart from the preliminary recommendation) which shall be more observing the facts and reasons provided by the parties. If still the parties are hesitant to accept the same, the case might be referred to an Ombudsman for finding more facts and to provide a resolution plan.

Even at this level, if both the parties are not in agreement with the recommendation, they still have the option of proceeding legally. However, as a matter of fact, both the parties should agree that this option shall be costly and time consuming and also, there might not be a mutually benefitting situation.

jeff jeffy answered 1 year ago

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