David Locke tapped as CEO of the Australian Financial Complaints Authority

A senior official from Australia’s charities regulator has been named as the first CEO of a new finance sector watchdog.

Australian Financial Complaints Authority chair Helen Coonan.

A senior official from Australia’s charities regulator has been named as the first CEO of the new finance sector watchdog created by the federal government in response to banking industry scandals.

David Locke, currently assistant commissioner for the Australian Charities and Not-for-Profits Commission (ACNC), will start as chief executive officer of the Australian Financial Complaints Authority (AFCA) on June 25. AFCA chair Helen Coonan said Mr Locke, who will also be the authority’s chief ombudsman, has taken the role at a critical time in the formation of AFCA as the new single complaints body for the financial sector.

Mr Locke is a qualified lawyer in the United Kingdom and has worked in advisory roles on the regulation of non-government organisations for several governments internationally.

The AFCA was established in the 2017 federal budget as a one-stop shop for complaints against banking and financial services.

It replaces three existing bodies — the Superannuation Complaints Tribunal, the Credit and Investments Ombudsman and the Financial Ombudsman Service. All financial firms, including superannuation funds, will be required to be members.

The watchdog, expected to start operating from November 1, will hear complaints from consumers and small businesses.

AAP