FINANCE
How can you make
applying for the Age Pension easier ?
with Rebecca Chester Age Pension Help
We are always talking to people who are looking at applying for the Age Pension , and find the requirements of the application process confusing , time consuming , or difficult . So , here are some of my top tips to make the process easier .
Review your bank accounts – Since every bank account must be reported , regardless of the balance , have a review of your accounts . Do you really need 20 different accounts ? This could be a good time to consolidate and close any unwanted accounts , simplify your life as well as your application .
Review your superannuation – Have you been putting off consolidating your multiple superannuation
accounts ? Now is the time to talk to your Financial Adviser or Superannuation Fund about the benefits of consolidating your super funds and the tax structures of superannuation versus account-based pensions .
Keep your ATO file up to date – If you are earning contractor , sole trader , self-employed income , or rental property income , make sure your accounts are up to date . Your income assessment is dependent on Income Tax Returns and your business financial statements like Profit and Loss ( income and expenses ) and Balance Sheet ( assets and liabilities ). Keeping these up to date will help you to be ready to apply .
Organise your personal documents – Can ’ t find your birth certificate ? Not sure where your rates notice is ? Now is a good time to organise all those important ‘ life ’ documents into a folder so they are easy to find .
Having your documents ready will make the process less stressful , but if you want to take the stress right out of your application , talk to me about how we can complete your claim for you . Phone me today , 1300 222 484 .
More than 400,000 complaints sent to AFCA in first five years - Australian Financial Complaints Authority
Australia ’ s financial dispute resolution scheme has reached a major milestone – five years of operation . Consumers have taken more than 400,000 disputes to the Australian Financial Complaints Authority ( AFCA ) in that time , securing a total of $ 1.2 billion in compensation and refunds .
This was during some of the most trying times financial firms and their customers have faced , including a global pandemic , rising interest rates , a sharp escalation in scams activity and the financial impact of significant natural disasters .
Since starting operations in November 2018 , AFCA has worked with more than 16,500 victims of
David Locke , Chief Ombudsman and Chief Executive Officer of the Australian Financial Complaints Authority .
scams , more than 7,500 people affected by natural disasters ( excluding COVID ), and more than 30,000 people experiencing financial difficulty . It registered more than 17,000 COVIDrelated complaints , helping to resolve disputes involving financial products such as travel insurance and superannuation .
In addition , AFCA ’ s systemic issues work – where it identifies wider issues than a single complaint – resulted in 4.9 million people receiving more than $ 340 million .
“ We have dealt with hundreds of thousands of cases over the past five years , but we are fully aware that behind every complaint is an individual , a family or small business ,” AFCA ’ s Chief Executive Officer and Chief Ombudsman , David Locke , said .
“ We know how stressful a financial dispute can be , and how critical it is to help consumers and firms resolve their differences .
“ An ombudsman service also plays an important role in supporting public confidence in engaging with the financial services sector , because we are here to help when consumers and firms can ’ t resolve disputes on their own . We work to contribute to a fair and efficient financial services sector .”
With complaints reaching a record 97,000 in the last financial year alone , AFCA ’ s services had never been needed more , Mr Locke added “ But our hope is that , working with firms , we will see a significant improvement in their inhouse complaints handling . Consumers shouldn ’ t have to be escalating this volume of disputes to AFCA .”
He congratulated the 70 per cent of AFCA Scheme member firms that have never had a complaint reach AFCA . “ While we will always point out areas of concern , to help inform consumers , firms , regulators and government , it ’ s important for the community to understand that the majority of financial firm members do not generate any complaints ,” Mr Locke said .
AFCA is a not-for-profit organisation funded by fees and charges paid by member firms . Its service is free for consumers and small business complainants .
A Treasury-led Independent Review in 2021 found AFCA was “ performing well in a difficult operating environment and a changing regulatory landscape ” and reaffirmed its impartiality and its fairness jurisdiction .
KEY FACTS
AFCA was established on 1 November 2018 . The following data is as at 31 October 2023 .
• 402,346 complaints registered
• $ 1.18 billion in compensation or refunds for consumers and small businesses
• 68 % of complaints resolved by agreement
• 6 % of cases progressed to a formal decision
• 46,097 members of AFCA Scheme ( 10,494 firms plus 35,603 individual authorised credit representatives )
• 69 % of financial firm members have not had a complaint made against them
About AFCA – The Australian Financial Complaints Authority ( AFCA ) is a non-government ombudsman service providing free , fair and independent help with financial disputes .
AFCA is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm , over things such as banking , credit , insurance , advice , investments or superannuation . Where an agreement cannot be reached between parties , AFCA can issue decisions that are binding on financial firms .
18 ISSUE 102 // DECEMBER 2023 MERRY CHRISTMAS & HAPPY HOLIDAYS ! theindependentmagazine . com . au THE HILLS INDEPENDENT