The Australian Financial Complaints Authority (AFCA) is required to report systemic issues identifiable from complaints to relevant regulators. As part of their commitment to transparency, AFCA publishes a bi-annual report of these systemic issues. The newly released report “Systemic Issues Insights Report FY22-23”, which can be found here on AFCA’s website, details an increased number of consumers receiving remediation but a decrease in both detailed investigations into systemic issues and in resolved systemic issues. Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year. The comparative numbers in the subject of complaints (banking, investment, superannuation, and insurance) remained largely the same.
For the AFCA media release on the report please click here.