The external dispute resolution scheme obtained 23,681 complaints. The volume of complaints was 42% greater when compared to predecessor plans — both the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal.
Let’s recall that, in February this year, AFCA provided an update on its powers to deal with heritage complaints. Chief Ombudsman and Chief Executive Officer, David Locke explained that AFCA’s remit is going to be enlarged for a period of 12 weeks to accept qualified complaints concerning conduct dating back to January 1, 2008.
Credit and general insurance topped the list of merchandise in the heart of most complaints. Investments accounted for 5 percent of all complaints received during the following month interval.
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The top five issues for complaints regarding investments comprise:
AFCA will consider eligible complaints between July 1, 2019 and June 30, 2020, after the AFCA Rules being updated. AFCA will run a limited consultation regarding mandatory adjustments to its Rules, which will need to be accepted by the Australian Securities and Investments Commission.
On the brighter side, AFCA has 10,447 associates, and 90% of them don’t own a complaint lodged against them.
If it comes to transparency and accountability, many associations have a great deal to learn from the recently established Australian Financial Complaints Authority (AFCA) which was publishing regular updates regarding its own work. AFCA has earlier today posted data about complaints handled during the first four months of its own operations, in other words, the period from November 1, 2018 to February 28, 2019.