As at 1 September 2022, the Australian Financial Complaints Authority had 4,464 open complaints involving 50 financial firms impacted by insolvency.
It is estimated that consumer claims in these complaints total more than $636 million.
These complaints have had to be paused because of the firms’ insolvency.
This compares with 2,447 open complaints, involving 44 financial firms and estimated claims of more than $376 million, as at 1 June.
More than 1400 complaints have been lodged against a financial adviser firm, Dixon Advisory and Superannuation Services, in the intervening period. (See our Current Matter for more information.)
As at 1 September there were 306 unpaid determinations associated with 28 insolvent firms, involving awards totalling an estimated $14.7 million (steady with 1 June).
For more detail on open and closed complaints involving firms impacted by insolvency, including firm types and number of complaints, see the tables here.
Please note: Claim and outcome amounts are estimates only and may be subject to change for a number of reasons, including further validation.