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ARTICLE · 30 JUNE 2023

AFCA Reports On Systemic Issues From Financial Complaints

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The Australian Financial Complaints Authority (AFCA) has published its Systemic Issues Insights Report for the first half of the 2022-2023 financial year.

AustraliaInsurance
Jim Bulling
Jim Bulling
Grace Hall
Grace Hall

The Australian Financial Complaints Authority (AFCA) has published its Systemic Issues Insights Report for the first half of the 2022-2023 financial year.

In the first half of the 2022-2023 financial year AFCA identified the most systemic issues in the banking sector, followed by general insurance, superannuation, investments and advice and then life insurance sectors.

Common systemic issues AFCA identified for each industry sector include:

  • Banking and finance
    • Transaction processing errorsErrors in credit reporting
    • Credit errors including the incorrect provision of certain loans and inadequate controls in mobile banking
  • General insurance
    • Failures to give effect to AFCA determinations

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