The Australian Financial Complaints Authority (AFCA) has outlined its strategy before its official launch on Thursday.

AFCA promises to openly communicate with all stakeholders, devise innovative solutions and implement education programs in its efforts to solve financial disputes.

Its priority is to influence industry reform by raising standards and internal practices.

AFCA has also committed to work with the financial sector, consumers and small business to avoid and resolve disputes.

The strategy emphasises accessibility and fair, independent decision-making.

Independent Chairman Helen Coonan says the strategy represents a new direction and vision for external dispute resolution.

Some 300 financial organisations – mostly credit licensees that were part of the former Credit and Investments Ombudsman (CIO) – are yet to join the scheme. The deadline to join was September 21.

The Australian Securities and Investments Commission has warned that licensees outside the scheme are in breach of their obligations and may have their licences cancelled. Their authorisation will be invalid if they have not joined AFCA by November 1.

AFCA was established to replace the Financial Ombudsman Service, the CIO and the Superannuation Complaints Tribunal after the Ramsay review recommended a single scheme to simplify and strengthen access to free external dispute resolution.