As at 1 September 2022, AFCA had 4,464 open complaints involving 50 financial firms impacted by insolvency, with consumer claims totalling more than $636m.
Please note: Claim amounts and outcome amounts are estimates only and may be subject to change for a number of reasons, including further validation.
Open insolvent financial firm complaints (November 2018 to date)
|
Total open complaints against insolvent firms |
4,464 |
|---|---|
|
Total number of financial firms |
50 |
|
Total consumer claim amounts* |
$636,561,378 |
Profile by top seven primary business types
|
Primary business type |
Number of firms |
Number of complaints |
Total claim amount |
|---|---|---|---|
|
Financial advisor/planner |
17 firms |
1,711 |
$326,748,967 |
|
Foreign exchange dealer |
2 firms |
1,162 |
$253,608,399 |
|
Funeral insurance provider |
4 firms |
1,072 |
$7,696,353 |
|
Managed investment scheme operator |
6 firms |
272 |
$28,074,948 |
|
Derivatives dealer |
2 firms |
166 |
$6,593,945 |
|
Corporate advisor |
1 firm |
16 |
$8,029,978 |
|
Securities dealer |
4 firms |
13 |
$2,655,319 |
| Timeshare scheme operators | 1 firm | 13 | $61,867 |
*Total claim amount likely to be higher, as a number of claims on open cases are yet to be calculated, recorded or validated.
Closed insolvent financial firm complaints (November 2018 to date)
|
Unpaid determinations involving insolvent firms |
306 |
|---|---|
|
Total number of financial firms |
28 |
|
Total amount awarded to consumers (excluding interest) |
$14,732,991 |
Profile by top seven primary business types
|
Primary business type |
Number of firms |
Number of complaints |
Total outcome amount |
|---|---|---|---|
|
Funeral insurance provider |
3 firms |
181 |
$1,357,068 |
|
Managed investment scheme operator |
5 firms |
62 |
$6,386,774 |
|
Financial advisor/planner |
9 firms |
26 |
$3,683,457 |
|
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 |
*Due to the pause on insolvent financial firms, data in relation to only closed determinations in favour of the complainant does not reflect the full picture and should be considered with open complaints.
