The Bull

Monday 18

February, 2019 5:02 AM

310 complaints a day against banks: AFPA

310 complaints a day against banks: AFPA

The Australian Financial Complaints Authority says it received 6522 complaints in the first month of operating.

Share |

By AAP 05.12.2018 02:45 PM

The new financial watchdog says it received more than 300 complaints a day against banks and financial services in the first month of operating.

The Australian Financial Complaints Authority heard 6522 grievances from consumers and small businesses since opening its doors on November 1, it reported.

The authority has received 47 per cent more complaints than three predecessor schemes, but chief executive David Locke said it was on par with expectations against the embattled industry.

"We want to make sure members of the public know where to go for help when they have a financial complaint they can't resolve directly with their financial firm," he said in a statement.

"This is part of our role in rebuilding trust in the financial services sector."

The most complaints were heard about banks, 2367 lodged, while other provider types including general insurers and credit providers were regular offenders.

The watchdog is currently investigating 84 definite systemic issues and four potential serious contraventions and other breaches.

"Systemic issues are identified in a complaint or several complaints, and have an effect on people beyond the parties to a complaint," Mr Locke said.

"Because of this, we take our responsibility to identify and investigate systemic issues very seriously."

The AFCA, which all financial firms and superannuation funds are forced to be members, was established before the coalition government agreed to form the banking royal commission.

  • Trump to get update on China trade talks

    US duties on $US200 billion worth of Chinese imports are set to rise to 25 per cent from 10 per cent if no deal is reached by March 1 to address US demands

  • SA govt unveils Repat Hospital plan

    The South Australian government has unveiled its master plan to redevelop Adelaide's Repatriation Hospital.

  • US-China talks to boost Aussie market

    Australia's share market is tipped to open higher on Monday after optimism surrounding US and China trade talks.

  • The Week Ahead

    In Australia, the December quarter Wage Price Index release dominates the local agenda in the coming week.

  • ASX closes flat as more companies report

    The Australian sharemarket has managed to finish in positive territory as more companies reported earnings results.

  • Stocks to watch

    Stocks of interest at the close of trade on the ASX on Thursday, February 14.

  • Germany to let NATO use its cyber skills

    Germany is to join the ranks of NATO countries making its cyber warfare skills available to the alliance to help fight hacking and electronic warfare, officials said on Thursday.

  • Domain posts $156.4m loss as listings fall

    Domain's first-half loss has widened to $156.4 million after Sydney and Melbourne's stumbling property markets forced it to take a large non-cash impairment.

  • Farmer denies scaring vegans with gunshot

    A WA farmer who asked vegans to stop filming calves on his property and leave, then fired a shot into farmland, says he wasn't trying to scare them.

  • CommSec Daily Report Friday

    The local sharemarket is mostly flat so far in a choppy session of trade. The ASX 200 is marginally higher by 6 points or 0.1% to 6066 points towards lunch after trading in a narrow 18 point band...

Index: Points Change Percent


© Copyright All rights reserved.