The majority of licensee Banking and Finance members (89%) will either experience reduced or the same total annual fees under the new funding model. ¹

The new funding model recalibrates funding toward those who use AFCA’s services most frequently.

Therefore banks – as one of AFCA’s largest user sectors – will be one of the biggest contributors under the new funding model. Increases in total annual fees is largely driven by higher complaint volumes and complexity of those complaints, relative to other members.

In the banking and finance industry, 77% of AFCA’s revenue from B&F members under the new model are recovered from very large businesses who represent 12% of all B&F members and 74% of all B&F complaints received by AFCA. 

Where a member does a good job of resolving complaints at IDR, they will see a reduction in their overall costs.

Note: All figures are estimates only, based on FY 21 data and excluding ACRs. These estimates are based on a historical cut of complaints data and are not a definitive statement of what fees a member will pay in the future.