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A former executive general manager, enterprise of NAB has been named as a new board member of the financial complaints body.
The Australian Financial Complaints Authority (AFCA) has welcomed “accomplished CEO and non-executive director” Swati Dave to its independent board.
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Ms Dave’s appointment took effect on 1 September 2023 for a term of three years.
AFCA stated that Ms Dave brings with her over 30 years of banking and financial sector experience having held senior roles such as executive general manager, enterprise at National Australia Bank (NAB), director at Deutsche Bank and head of investment banking, private capital division at AMP Henderson Global Investors.
Ms Dave was most recently the managing director and CEO of Export Finance Australia and has served on several boards as a non-executive director including Australian Hearing.
AFCA’s independent chair Professor John Pollaers said: “Ms Dave brings to the board a deep commitment to excellence, innovation and social impact.
“Her leadership and expertise have enabled her to make significant contributions to the various organisations in which she has served, and we look forward to benefiting from her experience and insights.
“The board is committed to ensuring that AFCA continues to be an effective, efficient, independent and fair external dispute resolution scheme for financial services.
“Ms Dave’s diverse experience as an executive and board director will be invaluable as AFCA works to provide clear member and community value.”
Ms Dave stated she was “excited to be joining the board as we continue to evolve as a world-leading ombudsman” and said the role of AFCA was important as “a fair and trusted financial services sector underpins our country’s continued success.
Ms Dave replaces Jennifer Darbyshire, who was one of the founding board members of AFCA when it began operations on 1 November 2018.
Mr Pollaers acknowledged and thanked Ms Darbyshire for her contribution.
“We thank Jennifer for the very important role she has played in helping to develop AFCA as a world-class ombudsman service. We were very fortunate to be able to draw on her extensive board and senior executive experience in governance, law, banking and risk,” he added.
AFCA revealed that in the past financial year customers and small businesses sent a record 97,000 complaints to AFCA.
Since it began work in November 2018, AFCA has helped secure $1.1 billion in compensation and refunds for complainants.
[Related: AFCA: A common complaint (pt3)]
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