AFCA records over 100k annual complaints for the first time

The Australian Financial Complaints Authority has recorded 100,000 complaints in a calendar year for the first time, with the number of scam-related complaints almost doubling year on year.  

During the year, AFCA received 102,790 complaints from consumers and small businesses who were unable to resolve disputes directly with their financial firms. This was a jump of 23 per cent in 2022, according to a data snapshot.  

AFCA registered 8987 complaints related to scams, up 95 per cent from 4611 in 2022. Complaints involving financial hardship totalled 5396, up 29 per cent on 2022.