Between 1 July 2022 and 30 June 2023, consumers and small businesses lodged a record 96,987 complaints with AFCA, representing an unprecedented 34% rise on the previous year. 

This reflected growing financial stress in the community, the continued scourge of scams and issues with delays in insurer claims handling that have continued for more than 12 months.

Small businesses lodged 3,807 (4%) complaints with AFCA in 2022–23. 

AFCA resolved 86,185 complaints in 2022–23, which is 21% more than in 2021–22. Successful complainants secured $253.8 million in compensation and refunds. In addition, AFCA’s systemic issues work resulted in firms remediating a total of $100,528,522 to 378,830 people.

AFCA has now helped to secure $1.15 billion in compensation and refunds since its inception on 1 November 2018, and has closed more than 370,000 complaints (as at 30 September 2023).

Banking and finance complaints rose 27% to 53,638 in 2022–23. Within this category, complaints involving financial difficulty rose by 9% over the financial year, but were up 31% in the June quarter when compared with the same period a year earlier. Home loan complaints and credit card complaints also surged higher in the final months of the financial year.

Personal transaction accounts overtook credit cards as the most complained about product in 2022–23, with disputes up 86%. It was the first time credit cards have not topped this list since AFCA’s inception. The change was partly due to scam-related complaints, which rose 46% to 6,048.

The top general insurance issue in 2022–23 was the delay in claim handling for insurers (up 66%). Overall, general insurance complaints rose over 50% from 18,563 to 27,924. 

AFCA acknowledges the challenges insurers have faced in recent years. However, the sustained increase in complaints and issues with delays is of great concern. AFCA is working closely with insurers to reduce complaints requiring an AFCA investigation. 

Delays in insurance claim handling were also a significant issue in the superannuation sector in 2022–23. Super complaints were up 32%. This included a 136% increase in complaints about claim delays (including the payment of death benefits).

Buy now, pay later (BNPL) complaints rose 57%. This was likely caused by more consumers turning to alternative forms of credit as rates rose and cost-of-living pressures mounted. 

Throughout 2023–24, AFCA will continue to encourage banks and other finance providers to take active steps to identify and support customers experiencing financial hardship.

Complaints received

Complaints received by product line

Top five complaints received by product and number of complaints

Top five complaints received by issue and number of complaints 

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