AFCA

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As a financial ombudsman, AFCA is a for-purpose organisation that provides a free service for individuals and small businesses. AFCA listen to and work with their customers and financial firms to find solutions to complaints which have gone unheard or unresolved. This is your opportunity to make a difference. AFCA is seeking interested Industry and…

Read More Australian Financial Complaints Authority – Consumer Panel Members

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The Australian Financial Complaints Authority (AFCA) received a record number of complaints in 2023-24 after disputes to the ombudsman service increased 9 per cent to more than 105,000 for the year. Complaints about scams, online and personal transaction accounts, credit cards, and personal loans all saw significant increases. Consumer Action Law Centre CEO Stephanie Tonkin…

Read More Advocates Continue Call for Reimbursement Policy as Scam Complaints to AFCA go ‘off the charts’

Infographic on the ASIC report. Infographic and text-only version can be found at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-104mr-asic-report-australians-need-better-hardship-support-from-their-lenders/ Infographic on the ASIC report. Infographic and text-only version can be found at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-104mr-asic-report-australians-need-better-hardship-support-from-their-lenders/

Some home loan lenders have made accessing financial assistance so difficult that more than one in three (35%) Australians dropped out of the application process at least once, according to a new ASIC report. The report, Hardship, hard to get help: Lenders fall short in financial hardship support (REP 783) outlines findings from ASIC’s review of 10…

Read More ASIC Report Highlights Industry Hardship Failures

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Original media release from CSLR (27/02/2024). The Compensation Scheme of Last Resort (CSLR) acknowledges the announcement yesterday from the Australian Government, appointing our independent Chair and the official scheme commencement date. CSLR welcomes Jo-Anne Bloch as our inaugural Chair, marking the completion of the CSLR Board.  Ms Bloch was independently appointed by the Minister, in accordance with…

Read More Chair Announced for the Compensation Scheme of Last Resort

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“The volume of complaints escalated to AFCA has been increasing at an unsustainable rate,” David Locke, the Chief Ombudsman and Chief Executive Officer of the Australian Financial Complaints Authority (AFCA), said.  

“Scam-related complaints to AFCA have nearly doubled between 2022 and 2023. They continue to be of great concern to us. We are also seeing the impact of increased interest rates and cost of living pressures, with complaints involving financial hardship also significantly higher,” Mr Locke said.

Read More Ombudsman Warns of “Unsustainable” Increase as AFCA sees a Record 100,000 Complaints

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The Australian Financial Complaints Authority (AFCA) has published its Responsible Lending Approach, documenting for financial firms and consumers the way it considers complaints in this area.

The Approach was developed in response to calls from stakeholders to provide greater clarity around AFCA’s existing approach and to ensure consistency in AFCA complaint outcomes in these complex areas.

Read More AFCA’s Approach to Responsible Lending

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The number of complaints from First Nations people to the financial services ombudsman rose by 13% last financial year, with scams, delays in insurance claim handling and service quality the most common issues. 
More than one in 10 complaints from First Nations people related to financial hardship, double the one in 20 complaints involving financial hardship from the overall population.
AFCA says while the total number of complaints from First Nations consumers generally mirrors the proportion of the population, more still needs to be done to improve the cultural competency of the service to ensure accessibility to the ombudsman as well as financial inclusion.

Read More First Nations People More Than Twice as Likely to Receive Poor Financial Hardship Service

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The Australian Financial Complaints Authority (AFCA) has recently published (19/10/2023) its latest ‘Systemic Issues Insights Report’, covering the second half of the 2022 to 2023 financial year. During that time AFCA received 81 reports, 55 of which were related to systemic matters.

Read More Australian Financial Complaints Authority Latest ‘Systemic Issues Insights Report’

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The Federal Parliament has passed the Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Bill 2023 to establish an industry-funded compensation scheme of last resort for victims of financial misconduct. Quotes attributable to Alan Kirkland, Chief Executive Officer of CHOICE: “The introduction of a compensation scheme of last resort is an historic moment…

Read More “Historic moment for consumer financial protection”: CHOICE on the passage of compensation scheme of last resort