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.
Read More First Nations People More Than Twice as Likely to Receive Poor Financial Hardship Service
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.
From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.
Read More AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube
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’
“We are deeply concerned by the volume of complaints consumers are having to escalate to AFCA,” chief ombudsman David Locke says. “It’s not fair on consumers and not good for business. We need to see a significant improvement from firms.”
Read More Record Number of Financial Complaints for Second Year in a Row
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
Original article by Chris Siemers, posted on the Australian Financial Complaints Authority website on 05/06/2023. Hundreds of thousands of fixed-rate loans will roll onto much higher rates in coming months, catching up on a year of rate rises from which they have so far been quarantined. Some borrowers face the prospect of being tipped into…
Read More Mortgage Stress – Getting on the Front Roof
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
Read More AFCA Publishes Second Systemic Issues Insights Report