AFCA’s 2023-24 Annual Review is now available, which highlights the work we accomplished over the past financial year, in complaints and in contributing to important developments such as the government response to scams.
During this time, we received 104,861 complaints from consumers and small businesses – an increase of 8% from last year.
One of the most alarming trends in 2023-24 was the dramatic increase in scam-related complaints, which surged by 81% to nearly 11,000.
Complaints regarding financial difficulty also rose, climbing by 18% compared to last year.
We successfully resolved 104,203 complaints and provided $313,903,256 million in compensation and refunds.
We also identified over 1,500 potential systemic issues, reporting 97 to federal regulators and secured an additional $44,706,897 million in compensation and refunds for over 159,000 consumers.
Membership in 2023-24
AFCA had 47,575 members at the end of June 2024. Approximately 78% of our members were authorised credit representatives (ACRs) and 22% were financial firms or financial service providers (FSPs).
17% of members had complaints made against them in 2023–24. This is around the same percentage as in the previous financial year.
Alongside AFCA’s crucial ‘business as usual’ work, this year we also:
- completed our business and IT transformation project
- neared completion of our three-year program to implement the recommendations of the Treasury-led Independent Review of AFCA
- updated our Rules and Operational Guidelines
- received the results of an Independent Decision Review, and
- continued to expand our community outreach and stakeholder engagement program.
Read the 2023-24 AFCA Annual Review: https://www.afca.org.au/annual-review
