Fund Regulatory Update

AFCA: complaints against four major banks fall

Consumer complaints against the four major banks fell by seven per cent in 2020-21, says the Australian Financial Complaints Authority (AFCA) after analysis of 70,510 complaints received overall. AFCA said seven of the 10 companies with the most complaints in 2020-21 had fewer disputes raised against them.

Fifty-six per cent of all complaints were resolved in under two months, and by six months, 90 per cent of all complaints were resolved. Over 70 per cent were resolved in the early stages of the AFCA process, with an agreement being reached between the two parties in favour of the complainant. When the complaint does progress to the ombudsman or adjudicator, the company was most likely to come out on top of the result.

IOSCO launches 5th World Investor Week

The International Organisation of Securities Commissions (IOSCO) launched the fifth annual World Investor Week (WIW), a global campaign to support local financial regulators (such as Australia’s APRA and ASIC). The goal of the week is to raise awareness of the importance of investor education and protection.