General, AFCA obtained 102,790 complaints – a 23 per cent improve on 2022 – and shoppers secured $304 million in compensation and refunds, up 38 per cent on the earlier 12 months.
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Locke stated the quantity of complaints reaching AFCA was placing pointless strain on the exterior dispute decision system and inflicting additional delays for shoppers.
“As we head into the brand new 12 months, our hope for 2024 is that this would be the 12 months that anti-scam initiatives by business and authorities lastly disrupt this critical and organised crime,” he stated.
“We additionally must see a downward development in complaints general, with monetary corporations working higher to help their clients and to deal with complaints rapidly and effectively in-house.”
Earlier than AFCA was established by advice of the 2017 Ramsay Evaluate, complaints had been dealt with by the Monetary Ombudsman Service, the Credit score and Investments Ombudsman and the Superannuation Complaints Tribunal.
Locke stated that of their ultimate full 12 months, these three schemes obtained 52,000 complaints between them, which is roughly half the quantity recorded by AFCA in 2023.
AFCA has been in operation from November 2018, and has since obtained greater than 420,000 complaints and secured $1.3 billion in compensation or refunds for shoppers. The dispute decision scheme has additionally recognized wider points which cowl greater than a single criticism, leading to 4.9 million individuals receiving greater than $380 million.
Locke stated 5 years on from the Ramsay and Hayne experiences which highlighted room for enchancment within the monetary companies sector, AFCA continued to play an essential function.
“Our work as an ombudsman service reveals that the necessity for a powerful client safety framework stays,” he stated.