AFCA’s ‘Datacube’ helps Australians see how Financial Firms are handling Complaints

In a move designed to increase transparency and consumer education, AFCA has released its online comparative reporting tool, the Datacube which enables Australians to see how their insurer, bank, financial adviser, superannuation fund or other financial firm has responded to consumer complaints.

AFCA Chief Executive Officer and Chief Ombudsman David Locke said: “This tool – the AFCA Datacube – provides a much deeper level of detail about the issues and products that consumers and small businesses are complaining to us about.”

“Anyone can use this tool to review the performance of their financial firm and compare it to others in the market. This data, and the level of detail that consumers can see about each firm, will also support the work of policy makers and researchers. For financial firms themselves they can clearly see how they are tracking at handling complaints and how this compares to others in the market”

“All Ombudsman Schemes are required to publish data on the complaints that they handle and AFCA is no different. This tool though presents AFCA’s data in a way that is more accessible and easier to understand and interrogate. AFCA will be rolling out many data and feature enhancements over the coming months. We are committed to working with consumers, small business and industry to resolve and reduce financial disputes through innovative solutions, education and communication initiatives such as these.”

AFCA is required by the Australian Securities and Investments Commission (ASIC) to publish information about the complaints it receives and resolves including by financial firm name, and to ensure it is comparable by business size and industry sector.

The Datacube contains AFCA’s data between 1 November 2018 and 30 June 2019 and will be updated every six months.

“We want to allow both consumers and our members access to the most recent data possible and are working to release the next update to this tool in January 2020,” Locke said.

View the AFCA Datacube here.