Financial Complaints in Australia Up 9 Percent in 2023: AFCA

The Australian Financial Complaints Authority (AFCA) said that it received more than 105,000 financial complaints in 2023, 9 percent higher than the previous year, which had seen a jump of 34 percent. The number of complaints regarding online accounts rose 33 percent to 2,533. Personal transaction account complaints soared 19 percent to 13,635, followed by personal loan complaints, which grew 17 percent to 7,660. Complaints for credit cards jumped 12 percent to 11,841, while complaints for home loans declined 3 percent to 6,913. “We are disappointed we haven’t seen a reduction. Our view is that firms could be resolving more complaints themselves or preventing them in the first place,” said AFCA CEO and Chief Ombudsman David Locke....