Inaugural AFCA chair to step down

The inaugural chair of the Australian Financial Complaints Authority (AFCA), Helen Coonan, will step down at the end of her term.

She will be replaced by Swinburne University of Technology Chancellor John Pollaers.

The board thanked Coonan for her stewardship and contributions over the last three years. "Helen has been an exceptional Chair of AFCA over the last three years establishing AFCA as an important national body, helping industry and thousands of consumers to resolve often intractable disputes. AFCA has worked with the financial services industry to promote best practice."

During her tenure, AFCA received more than 188,000 disputes and $522 million was paid in compensation to individual consumers and small business owners.

Coonan is currently the non-executive chair of GRACosway, executive chair of Crown Resorts, and on the advisory council for J.P. Morgan. She spent 15 years in the Australian Parliament as a Senator for NSW and was Minister for Communications and Ministor for Revenue.