The new one-stop dispute resolution body, the Australian Financial Complaints Authority (AFCA), will start accepting complaints from November 1.

Until then, consumers can lodge disputes with current schemes – the Financial Ombudsman Service, Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal.

Financial businesses are required to become members of AFCA by September 21.

Minister for Revenue and Financial Services Kelly O’Dwyer has also announced the appointment of four AFCA board members.

The authority will be governed by a board of 11 directors, consisting of an independent chairman and an equal number of industry and consumer directors.

Helen Coonan has already been unveiled as Independent Chairman. The four further appointments are: financial planner Claire Mackay; equity lawyer Andrew Fairley; consumer advocate Erin Turner; and lawyer and mediator Alan Wein.

One of the board’s first priorities is to carry out public consultation on the AFCA terms of reference and the scheme’s interim funding model.