Changes to comparative reporting of complaint data

Enhancing our public reporting

In accordance with ASIC Regulatory Guide 267 (RG 267) and our Rules, AFCA must publish information about the complaints we receive and close against each scheme member, including comparative complaint data.

Our work generates a rich set of data and information about complaints we deal with, which means we can identify what is causing complaints and how they are being dealt with by the financial firms. We recognise the importance of making this information open and accessible to the public.

We view comparative reporting of complaint data as an important tool we can give to:

  • consumers and small businesses to make informed choices about the financial products and services they use, and
  • for members to have a statistical understanding of how they compare with their counterparts and areas they can improve.


After consulting with stakeholders, we have developed a new approach to comparative reporting which will enhance transparency and provide information in a way that is accessible and useful.

Our approach to comparative reporting

Key changes from the approaches of our predecessor schemes are:

  • Improving accessibility of the data by reporting raw numbers of complaints instead of a more complicated metric.
  • Increased frequency of reporting from yearly to six-monthly.
  • In addition to product-based tables, we will also provide an overall table of complaints received. This information will include information about the proportion of complaints directly resolved by firms and complaints where we have not received an initial response from the firm.
  • Simpler business size metric to categorise firms and provide comparability.
  • Enhanced reporting on complaints outside our jurisdiction.
  • Improving data interactivity with a new data visualisation tool.
     

For more information on all changes and our approach, click here:
AFCA arrangements for comparative reporting of complaint data [PDF]

2018-19 transitional year arrangements

2018-19 will be a transitional year of comparative complaint reporting, due to four schemes operating during this period – AFCA, CIO, FOS and the SCT. The following arrangements will apply:
  • We will report the number of complaints received and complaints accepted for each scheme member between 1 November 2018 and 30 June 2019.
  • As part of the complaint outcome reporting, complaints closed by both AFCA and FOS schemes between 1 November 2018 to 30 June 2019 will be included. This will provide a more complete set of outcome data for the reporting period. Complaints closed by the CIO scheme will not be included because of different data structures.
  • To ensure the data published is statistically meaningful, we will apply a minimum threshold number of 5 or more complaints for scheme members to be included in comparative reporting. For 2018-19, due to it being a partial reporting year, we will apply a minimum threshold on a pro-rate basis of 4 or more complaints.
  • Except for superannuation trustee members, the business size category above was determined based on the information as at 30 June 2018 financial firms provided us in the membership levy assessment. Superannuation trustee members have been categorised based on the APRA data for the ‘total number of member accounts’ as at 30 June 2018. 

Next steps

Comparative reporting for 2018-19 will be published in October 2019.

From 2 September, we will provide AFCA members with access to their complaint data through the member portal to check and validate.

Questions

If you have any questions about the reporting, email us at comparativereporting@afca.org.au.