Complainants lodged 9,493 complaints with AFCA in April 2024, up 33% from April 2023 (7,152). In FY24 to date, we have received 87,832 complaints, which is up 11% on the same period in FY23 (79,009). Banking and finance complaints (excluding financial difficulty) were up 20% year-on-year, while complaints involving financial difficulty were up by 18%.

We also saw a 37% year-on-year increase in general insurance complaints, while life insurance complaints increased by 24%.

AFCA closed 9,833 complaints in April 2024. More than half (53% or 5,164) were closed at Registration and Referral, 11% at Rules (1,789 complaints), 33% at Case Management (3,731 complaints) and 4% at Decision (424 complaints).

Banking and finance

We received 4,693 banking and finance complaints in April, excluding complaints about financial difficulty. This was a 20% year-on-year increase compared to April 2023 (3,914 complaints).

We saw an 18% year-on-year increase in complaints about financial difficulty (469). This was led by issues relating to ‘financial firm failure to respond to requests for assistance’, which made up 46% of all financial difficulty issues.

Personal transaction account complaints continue to be the most common product complained about, representing 29% of banking and finance complaints. This is followed by credit cards (19%) and personal loans (13%).

Unauthorised transaction issues represent the largest banking issue overall (21%), followed by interpretation of product terms and conditions (7%), and service quality (7%).

AFCA received 1,026 scam complaints in April 2024, steady with the preceding six monthly average.

General insurance

There was a 37% year-on-year increase in general insurance complaints, from 1,984 in April 2023 to 2,714 in April 2024. Motor vehicle comprehensive complaints made up 38% of all general insurance complaints. This was followed by home building (27%) and travel insurance (6%)

Delays in claim handling continues to represent the largest issue (31% of general insurance complaints), followed by claim amount (18%) and denial of claim (12%).

Superannuation

Superannuation complaints saw a 12% year-on-year increase, from 524 complaints in April 2023 to 589 complaints in April 2024.

Superannuation account was the most complained about product (62%), followed by total and permanent disability (16%) and income protection (15%).

Meanwhile, claim delay was the most complained about issue (21%), followed by account administration error (11%) and service quality (10%).

Investments and advice

There was an 273% year-on-year increase in investment and advice complaints received in April 2024 (180 to 672). Note, 398 or 59% of these complaints related to Dixon Advisory.

Self-managed super fund was the most common product complained about (representing 34% of investment and advice complaints) 87% of these complaints related to Dixon Advisory. This was followed by mixed asset funds (23%) and shares (12%).

Meanwhile, inappropriate advice was the most complained about issue, accounting for 49% of investments and advice complaints. 95% of these complaints related to Dixon Advisory. This was followed by firm failure to act in the client’s best interest (16%) and service quality (5%).

Life insurance

Life insurance complaints increased by 24% this April compared to the same period last year, from 99 to 123.

Income protection was the most complained about product (36%), followed by term life (19%) and total and permanent disability (15%).

Denial of claim was the most common issue (15%), followed by incorrect premiums (12%) and claim delays (11%).

Small business

We received 385 complaints from small businesses in April, which was up 9% from last month (352).

Business loans were the most complained about product (37%), followed by business transaction accounts (24%) and commercial property (9%).

Claim delay was the most complained about issue (8%), followed by interpretation of product terms and conditions (6%) and financial firm failure to respond to a request for hardship assistance (6%).