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Increase in complaints against financial institutions

Article image for Increase in complaints against financial institutions

There has been a rise in complaints against financial institutions since the royal commission as the Australian Securities and Investments Commission releases guidelines to ensure they are addressed properly.

ASIC says the current approach by banks, super funds and insurance companies does not provide an efficient way for customers to file a complaint.

They are proposing to reduce the maximum timeframe to respond to a complaint from 45 days to 30 days.

Australian Financial Complaints Authority CEO and the Chief Ombudsman David Locke tells Ross Greenwood they have resolved 60 per cent of 35,000 complaints since the royal commission.

“We’ve seen a big increase, as you’d imagine with the royal commission, of the number of matters that are coming through to us.

“We’ve had a 42 per cent of increase in complaints, we’ve only been going just over 6 months.”

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