AFCA is a great place to work, according to 2023 AFR BOSS Best Places to Work rankings.  Australian Financial Complaints Authority Limited (AFCA) is one of the top 5 best places to work in Australia’s financial services sector..

This comes as no surprise, since AFCA staff don’t appear to do anything. Except state that “your issue falls outside AFCA guidelines.” Or, “this matter falls outside our jurisdiction”.

However, Chief Ombudsman and Chief Executive Officer David Locke is

“…incredibly proud to be recognised in this way. Our ‘People for Purpose’ culture is fundamental to how we operate, to the services we provide and to the experience everyone has with AFCA – including how our people feel when they come to work every day.”
“Our people are the driving force behind the services we deliver to the Australian community as the national financial services ombudsman,” Mr Locke said. “We want our people to flourish so they are best able to do this important and impactful work.”

And, according to an independent source, AFCA can only follow their guidelines. They do not uphold banking laws, as that’s a job for the Courts. However their advertising and propaganda say they uphold banking laws to help protect the public.

AFCA is expected to act impartially and apply the law fairly and consistently to all parties involved in disputes or regulatory matters, regardless of their relative strength. Yet AFCA staff, in failing to respond, are presenting the same attitude.

Seems AFCA is a great place to work because responses from their staff fail to show any evidence of investigating ALL legitimate and validated issues raised. It seems that AFCA Actors believe the bank staff, without any consultation with their victims.

Is This Why AFCA is a Great Place To Work?

This severe mishandling by AFCA staff, in fulfilling legal and statutory obligations to address critical concerns regarding serious defects within the bank, is exacerbating criminal activities, to which AFCA staff could be seen as a contributing party.

There’s delinquent behavior of AFCA, Australian Competition and Consumer Commission (ACCC), and Australian Securities & Investment Commission (ASIC) in “passing the buck.” Or they play the “it’s not our job” card. Rather than thoroughly investigating valid and genuine complaints. In what way does this not undermine the very purpose of their existence?

Seems they’ve forgotten AFCA’s mandate to protect consumers from unfair practices. To ensure that businesses operate in compliance with the law. Prosecuting breaches of consumer laws, and educating consumers and businesses about their rights and obligations.

Is this why AFCA is a great place to work? The staff fail to perform their duties while receiving remuneration… This could be seen as obtaining financial advantage by deception or dishonesty.

AFCA staff are expected to uphold the principles of fairness, transparency, and integrity in its regulatory activities. And they’re expected to act impartially. As well as applying the law fairly and consistently to all parties involved in disputes or regulatory matters… Regardless of their relative strength.

If AFCA is a great place to work, why are they shirking their investigative duties and failing to hold institutions accountable for wrongdoing? Why are AFCA staff contributing to the culpable behaviour of the banks? This neglect perpetuates a culture of impunity within the financial sector.

Favouring a stronger party over a weaker party in a dispute could be seen as a breach of AFCA’s responsibilities. And any perception of bias or unequal treatment damages AFCA’s credibility and effectiveness.