As at 1 April 2023, the Australian Financial Complaints Authority (AFCA) had 4,886 open complaints involving 53 financial firms impacted by insolvency.
It is estimated that consumer claims in these complaints total more than $692 million.
These complaints have had to be paused because of the firms’ insolvency.
This compares with 4,853 open complaints, involving 53 financial firms and estimated claims of more than $691 million, as at 1 March 2023.
More than 1,800 complaints are now lodged against a financial adviser firm, Dixon Advisory and Superannuation Services, in total (see our Current Matter for more information). This is steady with a month earlier.
In addition, as at 1 April there were 306 unpaid determinations associated with 28 insolvent firms, involving awards totalling an estimated $14.7 million, which is steady with 1 March 2023.
For more detail on open and closed complaints involving firms impacted by insolvency, including firm types and number of complaints, see the tables here.
- Individual complaints may or may not be eligible for a Compensation Scheme of Last Resort (CSLR).
- Claim and outcome amounts are estimates only and may be subject to change.