AFCA has released its annual report for FY 21–22.
This year, the most complained about products were credit cards, personal transaction accounts, home loans, home building insurance and motor vehicle insurance.
AFCA says there has been a 54% increase in complaints about general insurance claim delays as a direct and collateral result of natural disasters putting pressure on the industry’s resources.
Other areas of focus for AFCA are the growing number of disputed transaction complaints, including scams and complaints related to emerging products and services such as cryptocurrency and buy now pay later.
Top five complaints received by issue
Service quality
Unauthorised transactions
Delay in claim handling
Claim amount
Interpretation of product terms and conditions
Top five banking and finance complaints received by product
Credit cards
Personal transaction accounts
Home loans
Personal loans
Electronic banking
Top five banking and finance complaints received by issue
Unauthorised transactions
Service quality
Default listing
Financial firms’ failure to respond to requests for assistance
Incorrect fees costs
Top five financial difficulty complaints received by product
Personal loans
Home loans
Credit cards
Business loans
Line of credit/overdraft
Top five financial difficulty complaints received by issue
Financial firm failure to respond to request for assistance
Decline of financial difficulty request
Request to suspend enforcement proceedings
Default notice
Default judgment obtained.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
