As at 1 June 2022, the Australian Financial Complaints Authority had 2,447 open complaints involving 44 financial firms impacted by insolvency.
It is estimated that consumer claims in these complaints total more than $376 million.
The complaints have had to be paused because of the firms’ insolvency.
In addition, there were 306 unpaid determinations associated with 28 insolvent firms, involving awards totalling an estimated $14.7 million.
Please note: Claim amounts and outcome amounts are estimates only and may be subject to change for a number of reasons, including further validation.
|
Total open complaints against insolvent firms |
2,447 |
|---|---|
|
Total number of financial firms |
44 |
|
Total consumer claim amounts* |
$376,493,431 |
Profile by top seven primary business types
|
Primary business type |
Number of firms |
Number of complaints |
Total claim amount |
|---|---|---|---|
|
Foreign exchange dealer |
2 firms |
1,162 |
$266,853,494 |
|
Funeral insurance provider |
4 firms |
525 |
$4,289,936 |
|
Managed investment scheme operator |
6 firms |
272 |
$28,074,948 |
|
Financial advisor/planner |
14 firms |
249 |
$57,049,492 |
|
Derivatives dealer |
2 firms |
166 |
$6,593,945 |
|
Corporate advisor |
1 firm |
16 |
$8,029,978 |
|
Securities dealer |
4 firms |
13 |
$2,655,319 |
*Total claim amount likely to be higher, as a number of claims on open cases are yet to be calculated, recorded or validated.
|
Unpaid determinations involving insolvent firms |
306 |
|---|---|
|
Total number of financial firms |
28 |
|
$14,715,191 |
Profile by top seven primary business types
|
Primary business type |
Number of firms |
Number of complaints |
Total outcome amount |
|---|---|---|---|
|
Funeral insurance provider |
4 firms |
182 |
$1,359,721 |
|
Managed investment scheme operator |
5 firms |
62 |
$6,386,774 |
|
Financial advisor/planner |
8 firms |
25 |
$3,663,004 |
|
Derivatives dealer |
3 firms |
21 |
$691,338 |
|
Securities dealer |
3 firms |
7 |
$564,418 |
|
Foreign exchange dealer |
1 firm |
4 |
$582,640 |
|
Mortgage broker |
2 firms |
2 |
$513,106 |
*These outcomes are estimates only and may not include any partial payment that has been received by the complainant.
Published: 10 June 2022
Media enquiries media@afca.org.au
About AFCA
The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.
