Borrow
AFCA reports a fall in banking complaints
AFCA has reported a fall in the number of complaints it has received about major banks in the past year.

AFCA reports a fall in banking complaints
AFCA has reported a fall in the number of complaints it has received about major banks in the past year.

The Australian Financial Complaints Authority (AFCA) said it had received 7 per cent fewer complaints from consumers about Australia’s big four banks during the 2020–21 financial year.
In its latest annual review, AFCA reported that complaints about banking and finance made up 60 per cent of the 70,510 total complaints it had received in 2020–21.
“While we know there are challenges ahead in the coming months across the board, I hope all firms and customers continue to do what they’ve been doing — firms actively engaging with customers they think may be struggling, and customers talking to firms before a small problem becomes a bigger one,” said David Locke, chief ombudsman and CEO at AFCA.
Data from AFCA’s Datacube indicated that complaints about the big four banks totalled 17,593 in 2020–21 compared to 18,817 in 2019–20. Complaints about the Commonwealth Bank fell from 6,580 in 2019–20 to 5,815 in 2020–21, while complaints about ANZ fell from 4,627 to 4,112 and complaints about NAB fell from 4,258 to 4,114.
A slight increase in the number of complaints about Westpac was reported, rising from 3,352 in 2019–20 to 3,542 in 2020–21.
AFCA reported that 56 per cent of the complaints it had received were resolved in less than two months, and 90 per cent were resolved within six months.
“This result demonstrates that AFCA is achieving its purpose in being faster and cheaper for consumers and firms compared to an alternative such as a court or tribunal,” Mr Locke said.
While banking and finance made up the majority of complaints received by AFCA, 24 per cent of complaints were related to general insurance, 7 per cent were about superannuation, 6 per cent were about investment and advice, and 2 per cent were about life insurance.
The product that was the subject of the most complaints was credit cards with 9,903 complaints received by AFCA, followed by 6,400 complaints about home loans and 5,758 about personal transaction accounts.
Service quality was found to be the biggest issue reported by complainants with a total of 6,880 complaints, followed by 5,048 reports of unauthorised transactions and 4,773 complaints about delay in claim handling.
A total of more than 216,000 complaints have been received by AFCA since it was established in November 2018.

Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. ...Read more

Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure...Read more

Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. ...Read more

Banking
Modernisation of direct debit system suffers setback
According to the Reserve Bank (RBA), several major banks will not be able to meet the current timeline for the launch of the PayTo service. ...Read more

Banking
Australians' trust in digital providers has decreased in last five years
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list. ...Read more

Banking
Commonwealth Bank chairman to retire in August
The Commonwealth Bank (CBA) board has announced a successor. ...Read more

Banking
Westpac responds to $113m penalty
The big four bank has responded to the penalty handed down last week. ...Read more

Banking
Westpac ordered to pay $113m for ‘widespread compliance failures’
Westpac has been ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management ...Read more

Wrapping up an eventful 2021
Listen now

What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now

Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now

Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now

Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. ...Read more

Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure...Read more

Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. ...Read more

Banking
Modernisation of direct debit system suffers setback
According to the Reserve Bank (RBA), several major banks will not be able to meet the current timeline for the launch of the PayTo service. ...Read more

Banking
Australians' trust in digital providers has decreased in last five years
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list. ...Read more

Banking
Commonwealth Bank chairman to retire in August
The Commonwealth Bank (CBA) board has announced a successor. ...Read more

Banking
Westpac responds to $113m penalty
The big four bank has responded to the penalty handed down last week. ...Read more

Banking
Westpac ordered to pay $113m for ‘widespread compliance failures’
Westpac has been ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management ...Read more