AFCA has reported that for the 2024-25 year, it received more
than 100,000 complaints from consumers. Whilst this is a 4% decline
overall, AFCA's Chief Executive Officer, David Locke, considers
this number is still far too high.
The complaint numbers by industry sector are below:
Mr Locke has detailed that Credit Licensees and AFS Licensees
that provide services to retail clients still have work to do to
help reduce the number of complaints that end up at AFCA,
particularly those in the insurance, investments and advice
sectors.
What can licensees do?
Licensees are required to have internal dispute resolution
(IDR) procedures which meet the standards outlined
in ASIC Regulatory Guide 271. Effective IDR
procedures should be designed to enable complaints to be resolved
between the licensee and the consumer.
