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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.

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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.

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