AFCA’s first year

The Australian Financial Complaints Authority has published a summary of its activities in its first year.

The data includes:

  • 40% increase in complaints to AFCA (73,272 complaints) compared to predecessors (including 3,869 complaints
    from small businesses);
  • 77% of all complaints resolved, with the majority of those resolved in 60 days or less;
  • Sources of complaints included credit complaints (44%), general insurance (22%) and deposit taking (9%);
  • 70% of complaints resolved in favour of the complainant;
  • 11% of complaints made by people experiencing financial difficulty;
  • Definite systemic issues currently under investigation: 50;
  •  total potential serious contraventions and other breaches identified since 1 November 2018: 30
  •  17% of licensee members had  a complaint lodged against them in the first 12 months.

Credit complaints
The main types of credit complaints were:

  • Credit reporting;
  • Responsible lending;
  • Financial firm failure to respond to request for assistance;
  • Incorrect fees/costs;
  • Misleading product/service information.

Deposit-taking
The main types of deposit-taking complaints were:

  • Unauthorised transactions;
  • Service quality;
  • Mistaken internet payment;
  • Failure to follow instructions/agreement;
  • Interpretation of product terms and conditions.
Print Friendly, PDF & Email
 

Access our Online Resources

We understand you need a cost-effective way to keep up to date with regulatory changes