[Leon Della Bosca]

In it’s first four years of operation the Australian Financial Complaints Authority (AFCA) received more than 300,000 complaints.

As a result, consumers received nearly $900 million in compensation and refunds.

AFCA’s dispute resolution services are free for consumers and small businesses, and was created as a more affordable and efficient alternative to court.

Over its first four years, AFCA identified and reported 227 definite systematic issues and severe contraventions of the law to federal regulators and resolved 60 per cent of cases in less than 60 days.

It also helped around 5000 victims of over weather-related natural disasters and more than 24,000 people with financial difficulty.

More than 17,000 COVID-19-related disputes involving financial products such as travel insurance and early release of super amid the pandemic were registered in that time.

Last year there was a rise in insurance complaints, with the top four insurers accounting for around 9400 complaints, up 19% from the previous financial year. Many of these complaints were flood-related issues.

“The past four years have demonstrated the critical role AFCA plays,” said AFCA CEO and chief ombudsman David Locke. “As we move into a period of heightened economic uncertainty and amid increasing natural disasters, the need for AFCA’s services has never been greater.

“As long as the outcomes are fair and just, we think [that] early resolution is good for everyone.

“For [the] industry, it means retaining customers’ business and goodwill. For consumers, the sooner a matter is resolved, the better, because financial disputes can be very stressful.”

Which businesses or services have out you out in the last four years? Did you report them to ACFA? If you could complain about any business or service right now, who/what would it be?

[Jem]

Has to be the Centrelink Big Brother Seniors system..We are still treated as second rate Citizens and given no respect..Always guilty if we step out of line and have to struggle with the system to prove ourselves innocent of any wrongdoings or honest mistakes we might make…..The staff are always lovely, but I’me sure they struggle too with this antiquated and heavy handed Department…

[Leon Della Bosca]

Hi Jem,
Sorry to hear of your issues with Centrelink. We have dealings with the staff and with Hank, the GM, and have always found them good to deal with. i think they have the best of intentions, but it is always going to be an uphill battle managing hundreds of thousands of customers. Which parts of the system do you find particularly onerous? Maybe we can help?

[Author]

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