Ex-Howard minister to chair Financial Complaints Authority
Following the passage of the Australian Financial Complaints Authority Bill through Federal parliament on 14 February scheme, the Turnbull Government has chosen a Liberal Party stalwart as the inaugural Chair of AFCA.Accordingly, the Minister for Revenue and Financial Services, Kelly O'Dwyer, announced yesterday that the 'One Stop Shop' for financial disputes will be headed by Helen Coonan, a former minister in the Howard government."Helen Coonan will bring a wealth of expertise and experience to her position as AFCA Chair," said Kelly."Ms Coonan has experience in the law, business, financial services and dispute resolution. She is a distinguished former Cabinet Minister in the Howard Government, and as the then Minister for Revenue and Assistant Treasurer, she demonstrated deep knowledge and understanding of the financial services sector and the issues faced by consumers of financial products and services."Coonan will also bring a few testing directorships to the AFCA bench, with the SMH's gossipy CBD column noting she is: a "veteran member" of James Packer's board at Crown Resorts which is facing a class action from investors over company employees illegally peddling gambling services in China; a member of the JP Morgan Advisory Council; and chair of boutique fundie Supervised Investments Australia Ltd, "which does not sound ideal for the head of our new financial complaints bureau", SMH observed.AFCA is expected to start hearing disputes no later than 1 November.