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.

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