Complainants lodged 9,041 complaints with AFCA in November 2023, steady compared to November 2022. Banking and finance complaints (excluding financial difficulty) were up 6% year-on-year, while general insurance complaints were down by 2%. There was also a 24% year-on-year rise in superannuation complaints, primarily driven by delays in claim handling, account administration errors and service quality.

AFCA closed 9,003 complaints. More than half (53% or 4,737) were closed at Registration and Referral, 9% at Rules (841 complaints), 33% at Case Management (2,959 complaints) and 5% at Decision (466 complaints).

Banking and finance

We received 4,868 banking and finance complaints in November, excluding complaints about financial difficulty. This was a 6% year-on-year increase compared to November 2022 (4,593 complaints).

We saw a 9% year-on-year increase in complaints about financial difficulty. This was led by issues relating to ‘financial firm failure to respond to requests for assistance’, which made up 50% of all financial difficulty issues.

Personal transaction account complaints continue to be the most common product complained about, representing 25% of banking and finance complaints. This is followed by credit cards (19%) and personal loans (14%).

Unauthorised transaction issues represent the largest banking issue overall (21%), followed by interpretation of product terms and conditions (8%), and default listings (6%).

AFCA received 929 scam complaints in November 2023, which is down 3% from last month, but up 81% year-on-year.

General insurance

There was a 2% year-on-year decrease in general insurance complaints, from 2,424 in November 2022 to 2,373 in November 2023. Motor vehicle comprehensive complaints made up 37% of all general insurance complaints, down 38% from last month. This was followed by home building (24%) and travel insurance (8%).

Delays in claim handling continues to represent the largest issue (22% of general insurance complaints), followed by claim amount (19%) and denial of claim (13%).

Superannuation

Superannuation complaints saw a 24% year-on-year increase, from 572 complaints in November 2022 to 711 complaints in November 2023. 

Superannuation account was the most complained about product (61%), followed by total and permanent disability (18%) and income protection (12%).

Meanwhile, claim delay was the most complained about issue (22%), followed by account administration error (11%) and service quality (8%).

Complaints about death benefits made up 10% of all superannuation complaints, and decreased 11% from last month (from 76 to 68).

Investments and advice

There was an 54% year-on-year decrease in investment and advice complaints (648 to 301).

Shares was the most common product complained about (representing 26% of investment and advice complaints). Meanwhile, ‘Financial firm failure to act in client’s best interest’ was the most complained about issue, accounting for 12% of investments and advice complaints.

Life insurance

Life insurance complaints decreased 21% this November compared to the same period last year, from 156 to 124.

Income protection was the most complained about product (40%), followed by term life (26%) and total and permanent disability (14%).

Claim delay was the most complained about issue (20%), followed by denial of claim (11%) and incorrect premiums (9%).

Complaints about claim delay increased 9% in the month (from 23 to 25). Income protection complaints accounted for 64% of the these.

Small business

We received 413 complaints from small businesses in November, which was up 23% from last month.

Business loans were the most complained about product (39%), followed by business transaction accounts (26%) and commercial property (8%).

Interpretation of product terms and conditions was the most complained about issue (8%), followed by unauthorised transactions (7%) and claim amount (6%).