The Australian Financial Complaints Authority (AFCA) will start reviewing legacy financial complaints dating back to 2008, after the Government extended its remit by 12 months.

The Hayne royal commission also considered cases of financial misconduct from 2008.

Treasurer Josh Frydenberg says the change will help more consumers and small businesses harmed by financial misconduct.

At present, AFCA can only consider misconduct cases from the past six years – or two years if the complaint has been through a company’s internal dispute resolution process.

The authority will start reviewing legacy complaints between this July and June next year.