- About this Annual Review
- Year at a glance
- Acknowledgement of country
- Board Chair message
- Chief Executive Officer and Chief Ombudsman message
- Organisational overview
- AFCA Independent Review
- Who complained to AFCA?
- Overview of complaints
- Open cases
- Closed cases
- Banking and finance complaints
- Buy now pay later
- Financial difficulty complaints
- Small business complaints
- General insurance complaints
- Significant events
- Life insurance complaints
- Superannuation complaints
- Investments and advice complaints
- Complaints lodged by consumer advocates and financial counsellors
- Legacy complaints
- Complaints outside AFCA’s Rules
- Systemic issues
- Code compliance and monitoring
- Previous schemes
- Engagement, awareness and accessibility
- Corporate information
- AFCA General Purpose Financial Report 2021–22
- Appendix 1
The Australian Financial Complaints Authority
AFCA’s purpose is to provide fair, independent and effective solutions for financial disputes. That’s what AFCA does.
We are Australia’s financial industry ombudsman. Our service is offered as an alternative to tribunals and courts, to resolve complaints that consumers and small businesses have with their financial firms.
AFCA is a one-stop shop for consumers and small businesses that have a dispute with their financial firm over issues such as banking, credit, general insurance, financial advice, investments, life insurance and superannuation.
Our role is to assist consumers and small businesses to reach agreements with financial firms about how to resolve their complaints. We are impartial and independent. We do not act for either party, or advocate for their position.
When a complaint is lodged, AFCA refers it back to the financial firm and provides an opportunity for consumers and financial firms to resolve their financial complaint directly between themselves.
If an agreement can’t be reached, we can investigate the complaint and try to resolve it using negotiation or conciliation.
If this is unsuccessful, AFCA can make a determination in accordance with the decision making powers under its Rules.
However, the vast majority of complaints are resolved by complainants and financial firms through the referral back process, negotiation, conciliation and our early assessment.
Structured as a not-for-profit and non-government organisation, AFCA is a company limited by guarantee and governed by an independent Board of Directors. The Board of Directors consists of an independent Chair, and an equal number of Directors with consumer and industry expertise.