As at 1 May 2023, the Australian Financial Complaints Authority (AFCA) had 4,876 open complaints involving 53 financial firms impacted by insolvency.
It is estimated that consumer claims in these complaints total more than $693 million.
These complaints have had to be paused because of the firms’ insolvency.
This compares with 4,886 open complaints, involving 53 financial firms and estimated claims of more than $692 million, as at 1 April 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).
In addition, as at 1 May there were 308 unpaid determinations associated with 29 insolvent firms, involving awards totalling an estimated $14.7 million, which is an increase of 2 determinations since 1 April 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 (see our page on the CSLR)
- claim and outcome amounts are estimates only and may be subject to change for a number of reasons, including further validation
Published: 2 May 2023
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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.