Australian Financial Complaints Authority has appointed Geoff Browne as its first lead ombudsman for small business.
Authority chief executive David Locke said the appointment was a positive move for the small business community.
"Geoff has played an important role in improving dispute resolution outcomes for small businesses for many years, and brings first-hand knowledge of the challenges facing small businesses,” Mr Locke said.
“AFCA recognises the importance of small businesses and the final report from the Hayne Royal Commission clearly demonstrates how devastating it can be when they have financial disputes that are not fairly resolved,” he said.
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Mr Browne said he was looking forward to providing access to effective dispute resolution.
"I’m looking forward to working with both the small business sector and the financial industry to ensure AFCA delivers fair solutions to financial complaints,” he said.
Under the the authority's rules, a small business is an organisation with less than 100 employees.
The organisation can consider complaints from small businesses about a credit facility up to the value of $5 million.
Small business compensation cap has increased from $323,500 to $1 million, and primary producers have a compensation cap of $2 million.
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