AFCA’s first 4 months

The Australian Financial Complaints Authority (AFCA) has released statistics on its operations in its first 4 months.

Key data includes:

  • 23,681 complaints received;
  • 42% increase in volume of complaints compared to predecessor schemes;
  • 49% AFCA complaints closed (11,522 AFCA complaints, 5,455 FOS legacy complaints, 1,413 CIO legacy complaints)

Complaints received by product type
Deposit Taking 9%
Investments 5%
Credit 44%
Superannuation 9%
Life Insurance 3%
General Insurance 22%
Payment Systems 7%
Other 1%

Complaints received by issue type

Credit

  • Credit reporting;
  • Responsible lending;
  • Misleading product or service information;
  • Incorrect fees or costs;
  • Unauthorised transactions.

General Insurance

  • Delay in claim handling;
  • Claim amount;
  • Denial of claim – exclusion or condition;
  • Denial of claim;
  • Service quality.
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