ACCC deputy named to AFCA board

The outgoing ACCC deputy chair will take on a new three-year role on the board of the complaints authoirty from 1 August. 

AFCA noted her “extensive extensive public service experience and a passion for consumer protection", as well as her time spent in senior roles with both the ACCC and ASIC. 

Speaking of the incoming appointment, ​​AFCA independent chair Professor John Pollaers said that Ms Rickard will bring “a wide range of skills from a distinguished public service career in consumer policy” to the board, and that she has a “deep understanding of the current and emerging challenges facing consumers and financial firms”.

“Ms Rickard’s deep knowledge and expertise in the consumer space will ensure AFCA continues to deliver against these goals and keeps an essential focus on ensuring consumer accessibility and inclusion,” Mr Pollaers said. 

Mr Pollaers later added that throughout her career, “Ms Rickard has had a strong interest in financial services and the impact of the financial services industry on vulnerable and disadvantaged consumers”. 

“She oversaw development of the highly regarded Moneysmart website at ASIC, and has been a member of numerous committees at the ACCC, including those on the consumer data right, enforcement and compliance, and product safety,” Mr Pollaers said. 

“She has also been a member of the ACCC’s Financial Services Competition Board, and she chaired the ACCC’s market study into the cost of insurance in northern Australia.”

Ms Rickard commented “AFCA plays a vital role in protecting consumers and in helping the financial services sector deliver the best possible service to its customers.” 

She added that she is looking forward to “contributing to an organisation with such a strong sense of purpose, one that is having a real impact for consumers and the financial services sector”.

Earlier this month (1 July), AFCA’s user-pays funding model came into effect, requiring heavy users to pay more for their memberships once they pass a complaint threshold amount. 

In May, AFCA said that the vast majority of its members will be seeing a decrease in costs, noting that roughly 90 per cent “will see a positive or neutral impact on total fees”. 

The remaining 10 per cent are expected to face a lift in cost that AFCA describes will “more accurately and fairly” reflect their usage.

[Related: AFCA targets complaints without merit in new reform]