The Australian Financial Complaints Authority (AFCA) has updated its online comparative reporting tool, the AFCA Datacube, to include information about all financial complaints lodged from 1 July 2019 to 30 June 2020.
AFCA’s CEO and Chief Ombudsman David Locke said, “This free tool provides the public with transparent and accessible information about complaints handling right across the financial services sector. It also allows financial firms to see how their complaints handling compares with others in the market.”
The AFCA Datacube includes information about the number of complaints lodged about a financial firm, how long it takes a firm to resolve a complaint and whether a financial firm responds to complaints in a timely manner. It also allows people to compare financial firms side-by-side.
“The early impact of COVID-19 can be seen in the spikes in complaints relating to travel insurance and early access to superannuation in particular.”
“With so many travel plans impacted, it was inevitable that there would be a big increase in travel insurance claims as well as disputes regarding ‘chargeback’ requests on credit cards,” Locke said.
You can explore the Datacube on the AFCA website.