Updated: 10 June 2022

As at 1 June 2022, the Australian Financial Complaints Authority had 2,447 open complaints involving 44 financial firms impacted by insolvency.

It is estimated that consumer claims in these complaints total more than $376 million.

The complaints have had to be paused because of the firms’ insolvency.

In addition, there were 306 unpaid determinations associated with 28 insolvent firms, involving awards totalling an estimated $14.7 million.

Please note: Claim amounts and outcome amounts are estimates only and may be subject to change for a number of reasons, including further validation. 

Total open complaints against insolvent firms

2,447

Total number of financial firms

44

Total consumer claim amounts*

$376,493,431

Profile by top seven primary business types

Primary business type

Number of firms

Number of complaints

Total claim amount

Foreign exchange dealer

2 firms

1,162

$266,853,494

Funeral insurance provider

4 firms

525

$4,289,936

Managed investment scheme operator

6 firms

272

$28,074,948

Financial advisor/planner

14 firms

249

$57,049,492

Derivatives dealer

2 firms

166

$6,593,945

Corporate advisor

1 firm

16

$8,029,978

Securities dealer

4 firms

13

$2,655,319

*Total claim amount likely to be higher, as a number of claims on open cases are yet to be calculated, recorded or validated.

Unpaid determinations involving insolvent firms

306

Total number of financial firms

28

Total amount awarded to consumers (excluding interest)*

$14,715,191

Profile by top seven primary business types

Primary business type

Number of firms

Number of complaints

Total outcome amount

Funeral insurance provider

4 firms

182

$1,359,721

Managed investment scheme operator

5 firms

62

$6,386,774

Financial advisor/planner

8 firms

25

$3,663,004

Derivatives dealer

3 firms

21

$691,338

Securities dealer

3 firms

7

$564,418

Foreign exchange dealer

1 firm

4

$582,640

Mortgage broker

2 firms

2

$513,106

*These outcomes are estimates only and may not include any partial payment that has been received by the complainant.

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