The Australian Financial Complaints Authority (AFCA) has announced that it has adjusted its monetary limits for complaints submitted to it on or after 1 January 2021.

The new limits will apply for the next 3 years (see table below).

The new monetary limits include:

• the maximum value of a claim for compensation AFCA can consider;
• the maximum size of a credit facility AFCA can consider a complaint about;
• the maximum amount AFCA can award a consumer or small business for complaints about banking and finance, general insurance, life insurance and investments and advice.

Superannuation complaints are not affected.

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