David Locke has begun his work as Chief Ombudsman for the Australian Financial Complaints Authority by calling out for work on Day 1.
The authority has been established to help consumers and small businesses resolve complaints about financial products or services for free.
And Mr Locke is inviting people to come forward.
"It could be about credit and investments, or financial advice that's been received. Or it could be disputes that might be about super, or about insurance products or insurance claims. So, really, right across the financial spectrum."
The new Chief Ombudsman points out the authority's determinations will be binding.
"We are going to be very busy. We're expecting in excess of 55,000 disputes alone in the first year. So we know that there is a big demand out there. Ultimately, what we want to do, though, is, of course, to work with the financial-services firms to stop the disputes happening in the first place."
Consumers are encouraged to discuss their issues with their financial-service providers first.
If not satisfied after that, they can contact the authority online at afca.org.au or call on 1 800 931 678.
Mr Locke says the authority stems directly from recommendations in the 2016 Ramsay Review into external dispute resolution.
"The initiative that this has come out of was a review that was actually started in 2016, which the government commissioned to look at how we could improve the dispute-resolution processes for people who have these sorts of problems. But, of course, the royal commission has demonstrated quite graphically why there is a need for this new body."
Australia's banks continue to count the cost of that banking royal commission as their reporting season continues.
The National Australia Bank is the latest, delivering a 14 per cent decline in full-year cash profit.
Chief executive Andrew Thorburn says the cost includes $360 million worth of charges for customer remediation.
"It's been a tough year and a challenging environment, obviously with questions of reputation and trust, a housing slowdown, margin compression and many global developments of note."
He says restructuring costs has also hit the bank's bottom line as it simplifies its business.
"Consumer bank and wealth has been (through) a tough year, mainly due to home loans, with the impact of slower housing-credit growth, sustained competition, a changing mix and margin pressure."
Across the industry, the number of home loans issued has fallen to a seven-and-a-half-year low as the market softens.
And the housing slowdown is continuing.
CoreLogic says national prices declined 3-and-a-half per cent in the year to October, with a median value of $538,000.
Sydney endured the biggest decline, down nearly 8 per cent, the worst annual fall since 1990.
Melbourne, Perth and Darwin were also weaker.
The other capitals rose, with Hobart performing best, up close to 10 per cent.
CoreLogic’s Cameron Kusher says further declines are expected.
"We think that, if we look at Sydney and Melbourne, the downturn is ingrained at the moment. We'll see values fall for the rest of this year and probably well into 2019 as well."
The investment bank UBS is warning national house prices will probably drop 10 per cent by 2020.
Mr Kusher says it could impact consumer sentiment.
"People have really felt the impact of rising property prices, making them feel wealthier and more prepared to spend. Now that that's in reverse, that's definitely going to have an impact on consumer spending."
