The Australian Financial Complaints Authority (AFCA) published Edition 6 of its Systemic Issues Insights Report, covering systemic issues identified and resolved in the first half of FY24-25. AFCA reports this work affected over 187,000 Australian consumers and led to more than AUD 3.1 million in refunds during the period. The report also points to sector-wide improvement opportunities, including strengthening financial firms’ scams responses and related customer support, and reducing delays in insurance claims handling. AFCA notes the Systemic Issues Insights Report series was developed in response to Treasury’s 2021 Independent Review of AFCA.
Australian Financial Complaints Authority 2025-04-28
Australian Financial Complaints Authority reports systemic issue work resolved impacts for over 187000 consumers and delivered more than AUD 3.1 million in refunds
The Australian Financial Complaints Authority (AFCA) released Edition 6 of its Systemic Issues Insights Report, highlighting systemic issues resolved in the first half of FY24-25, impacting over 187,000 consumers and resulting in more than AUD 3.1 million in refunds. The report identifies sector-wide improvement opportunities, such as enhancing scams responses and customer support, and reducing insurance claims handling delays.