Recent Cases

Australia Capital Financial Management Pty Ltd v Australian Financial Complaints Authority Limited [2022] NSWCA 204 (12 October 2022) (Bell CJ, Meagher JA and Basten AJA)


Catchwords:


CONTRACTS – breach of contract – financial services external dispute resolution scheme – review of determinations made by Australian Financial Complaints Authority (AFCA) – where tripartite contract provided that, under certain circumstances, AFCA may determine complaints by making determinations which are binding on two parties to the complaint – judicial review of determinations made pursuant to contractual dispute resolution schemes – whether AFCA had contractual authority, jurisdiction or power to determine complaint – whether complaint involved a claim to set aside a guarantee supported by security over the guarantor’s primary place of residence – whether interest to be included in calculating value of claim – whether AFCA afforded procedural fairness to the parties to the complaint – whether AFCA’s determination was unreasonable in the Wednesbury sense

CORPORATIONS – financial services – external dispute resolution scheme – review of determinations made by Australian Financial Complaints Authority (AFCA) – where tripartite contract provided that, under certain circumstances, AFCA may determine complaints by making determinations which are binding on two parties to the complaint – judicial review of determinations made pursuant to contractual dispute resolution schemes – whether AFCA had contractual authority, jurisdiction or power to determine complaint – whether complaint involved a claim to set aside a guarantee supported by security over the guarantor’s primary place of residence – whether interest to be included in calculating value of claim – whether AFCA afforded procedural fairness to the parties to the complaint – whether AFCA’s determination was unreasonable in the Wednesbury sense