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.
