Total, AFCA acquired 102,790 complaints – a 23 per cent improve on 2022 – and customers secured $304 million in compensation and refunds, up 38 per cent on the earlier 12 months.
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Locke stated the amount of complaints reaching AFCA was placing pointless strain on the exterior dispute decision system and inflicting additional delays for customers.
“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 severe and organised crime,” he stated.
“We additionally have to see a downward development in complaints general, with monetary corporations working higher to assist their prospects and to deal with complaints shortly and effectively in-house.”
Earlier than AFCA was established by suggestion of the 2017 Ramsay Evaluation, complaints have been dealt with by the Monetary Ombudsman Service, the Credit score and Investments Ombudsman and the Superannuation Complaints Tribunal.
Locke stated that of their remaining full 12 months, these three schemes acquired 52,000 complaints between them, which is roughly half the amount recorded by AFCA in 2023.
AFCA has been in operation from November 2018, and has since acquired greater than 420,000 complaints and secured $1.3 billion in compensation or refunds for customers. The dispute decision scheme has additionally recognized wider points which cowl greater than a single criticism, leading to 4.9 million folks receiving greater than $380 million.
Locke stated 5 years on from the Ramsay and Hayne experiences which highlighted room for enchancment within the monetary providers sector, AFCA continued to play an essential function.
“Our work as an ombudsman service exhibits that the necessity for a powerful shopper safety framework stays,” he stated.