David Locke to Lead Australian Financial Complaints Authority

The assistant commissioner of the Australian Charities and Not-for-Profits Commission, David Locke, is stepping down from his role to head up a new “one-shop stop complaints resolution service” for the financial sector.

It was announced on Friday that Locke will become the new chief ombudsman and CEO of the Australian Financial Complaints Authority (AFCA), which replaces the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT).

Prior to his appointment as assistant commissioner of the national charity regulator, Locke was the chief adviser to the ACNC Taskforce, and has played a key role both in initially establishing the ACNC and managing key functions of the ACNC’s operations since 2012.

AFCA chair Helen Coonan, who announced the appointment on Friday, said Locke’s appointment came at a “critical time” in the formation of AFCA as the new single complaints body for the financial sector.

“David brings a very strong track record as an experienced senior leader involved in all aspects of establishing and operating complex legal and regulatory service-based organisations in Australia and UK,” Coonan said.

“David has worked effectively with stakeholders across the spectrum from government, regulators, senior management in the business community as well as people with significant vulnerabilities.

“He will bring energy and insight to AFCA which is an important organisational response to restore consumer trust and confidence in financial services.”

Locke was formerly the executive director of charity services at the Charity Commission of England and Wales, where he had responsibility for the strategic leadership and operational delivery of the commission’s one-to-one services to 180,000 charities.

He has worked as an adviser to several international governments on the regulation of non-government organisations, and is a qualified lawyer.

He said he was “incredibly excited and honoured” to be given the opportunity to lead AFCA.

“With the establishment of AFCA, we will deliver fair, accessible and high-quality dispute resolution services for consumers, small businesses and financial institutions,” Locke said.

“It is critical that there are effective mechanisms in place to deal with disputes across the entire financial services industry and I will be working to ensure that the public can have full trust and confidence in the new organisation.”

Locke will commence in the new role on 25 June 2018, with AFCA set to start accepting new disputes from 1 November 2018.