AFCA has published its 2022–23 Annual Review, summarising in detail, the significant program of work we completed during the 2022–23 financial year. 

Record number of complaints 

In 2022–23, AFCA received 96,987 complaints from consumers and small businesses – 34% more than last year, and the most ever received by AFCA.   

This was driven largely by delays in insurance claim handling, mounting financial pressures on consumers, and the ongoing scourge of serious financial crime and scams.   

Membership in 2022–23   

AFCA had 44,958 members at the end of June 2023. Approximately 77% (34,512) of our members were authorised credit representatives (ACRs), and 23% (10,446) were financial firms or financial service providers (FSPs).  

Most of our members were small and medium enterprises such as mortgage brokers, finance brokers, financial advisers/planners, credit providers and accountants.   

Only a small number of AFCA’s financial firm or FSP members (16% or 1,716) had complaints made against them in 2022–23. This is around the same percentage as in the previous two financial years.  

Strategic initiatives and projects 

Alongside AFCA’s crucial ‘business as usual’ work, this year we also:    

• progressed our business and IT transformation project 
• expanded our community outreach and stakeholder engagement program to ensure a more inclusive service 
• introduced our Reflect Reconciliation Action Plan 
• continued our response to Treasury's Independent Review recommendations; and  
• embedded our internal culture.   

Read the 2022–23 AFCA Annual Review here.

Member engagement 

This year, we engaged with members via AFCA Member Forums, consultations, webinars, and our e-newsletter Member News. 

In 2022–23, we also met regularly with the Boards of major institutions, such as the major banks and insurers, to share insights about what we see as an ombudsman service and to discuss, generally, major issues including scams, delays and rising complaint volumes.  

AFCA will continue to work with members over the coming year to address rising complaint volumes and reduce complaints.

Outcomes of new funding model  

In our funding model consultation report, published in 2021–22, we committed to publishing a post implementation review after the new funding model had been in place for 12 months.  

The 2022–23 Annual Review includes this information here. In summary, the post implementation review found the model is operating as intended and has achieved its objectives of being efficient and sustainable.   

Broadly across the key features and expected change outcomes, actual fees and the distribution to members closely aligned to the modelling completed as part of the design of the new model during the 2022 financial year.  

Approximately 88% of AFCA’s members saw a decrease or no change in their total annual fees in the first year, in line with the expected total change.   

Use of member funds 

As part of our ongoing commitment to transparency, we have again included information about how AFCA used member funds in 2022–23.