The Australian Financial Complaints Authority (AFCA) has published Edition 7 of its Systemic Issues Insights Report, summarising the systemic issues it identified and resolved in the second half of FY24-25 and highlighting sector-wide opportunities to improve financial services practices. The report points to recurring weaknesses including failures in complaint handling, gaps in recognising hardship and vulnerability, reliance on outdated systems, and misalignment between policy intent and frontline practice. AFCA reports its systemic work benefited more than 342,000 consumers and small businesses during the period, securing AUD 3.4 million in financial remediation alongside non-financial outcomes such as credit file corrections, improved disclosures and enhanced hardship processes.
Australian Financial Complaints Authority 2025-10-16
Australian Financial Complaints Authority publishes Edition 7 systemic issues report citing complaint handling failures and AUD 3.4 million remediation
The Australian Financial Complaints Authority published Edition 7 of its Systemic Issues Insights Report, identifying recurring weaknesses in complaint handling and system reliance, and securing AUD 3.4 million in financial remediation for over 342,000 consumers and small businesses in the second half of FY24-25.