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AFCA pauses complaints due to firms’ insolvency
Nearly $700 million worth of consumer claims have been made to the Australian Financial Complaints Authority (AFCA) as of 1 April.
However, AFCA has had to pause action on the more than 4,886 open complaints involving 53 financial firms impacted by insolvency.
April’s figures compare with 4,853 open complaints involving 53 financial firms and estimated claims of more than $691 million as of 1 March 2023.
More than 1,800 complaints are now lodged against a financial adviser firm, Dixon Advisory and Superannuation Services — the same as recorded last month.
In addition, as of 1 April, there were 306 unpaid determinations associated with 28 insolvent firms, involving awards totalling an estimated $14.7 million, which is steady with 1 March 2023.
AFCA advises that individual complaints may or may not be eligible for a compensation scheme of last resort (CSLR) and that claim and outcome amounts are estimates only and may be subject to change.
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