Annual Review 2021–22
Contents
- About this Annual Review
- Year at a glance
- Acknowledgement of country
- Board Chair message
- Chief Executive Officer and Chief Ombudsman message
- Organisational overview
- AFCA Independent Review
- Complaints
- Who complained to AFCA?
- Overview of complaints
- Open cases
- Closed cases
- Banking and finance complaints
- Buy now pay later
- Financial difficulty complaints
- Scams
- Small business complaints
- General insurance complaints
- Significant events
- Life insurance complaints
- Superannuation complaints
- Investments and advice complaints
- Cryptocurrency
- Complaints lodged by consumer advocates and financial counsellors
- Legacy complaints
- Complaints outside AFCA’s Rules
- Systemic issues
- Code compliance and monitoring
- Previous schemes
- Engagement, awareness and accessibility
- Corporate information
- AFCA General Purpose Financial Report 2021–22
- Appendix 1
- Glossary
Progress against Independent Review recommendations
1. Dealing with further issues raised during the complaint process
Status: On track for completion in 2024
New project
2. Ensuring all AFCA decisions consider what is fair in all circumstances
Status: On track for completion in 2023
Existing work underway
3. Not advocating or acting in a manner that compromises impartiality
Status: On track for completion in 2024
Existing work underway
4. Addressing poor conduct by some paid advocates
Status: On track for completion in 2023
Existing work underway
5. Improving transparency of timeliness and better managing timeliness expectations
Status: On track for completion in 2024
Existing work underway
6. Complaints from sophisticated or professional investors
Status: On track for completion in 2022
Existing work underway
7. Ensuring funding model design does not disincentivise firms from defending complaints
Completed in 2022
8. Improving transparency of AFCA fees and the services and activities they fund
Completed in 2022
9. Enhancing visibility, accessibility and independence of the forward-looking review mechanism
Status: On track for completion in 2023
New project
10. Improving visibility of the Independent Assessor to all parties to a complaint
Status: On track for completion in 2022
New project
11. Consulting on AFCA Approaches prior to finalisation to identify unintended consequences
Status: On track for completion in 2023
New project
12. Systemic issues that have been referred to ASIC or another regulator
Status: On track for completion in 2022
Existing work underway
13. Improving transparency of systemic issues in public reporting
Status: On track for completion in 2022
Existing work underway
14. Amending legislation to no longer require authorised credit representatives to be AFCA members
Status: Legislative change required
For Government
