As AFCA’s Reconciliation journey continues, we We make this commitment through our are committed to tailoring our service delivery Reconciliation Action Plan (RAP) and encourage to provide cultural safety for our people and our our people and our community to do the same, customers and use our influence to advocate for a based on the principles of Voice, Treaty and Truth. [...] Complaint This case underscored the importance of rigorous Despite the bank’s knowledge of her situation and compliance with responsible lending laws and its commitment to the Banking Code of Practice, the need for compassionate, tailored support for the complainant experienced inadequate support. [...] An additional $1,000 in non-financial loss Complaint compensation was granted due to the provider’s When the complainant challenged the default failure to suspend debt collection activities during notice with supporting evidence and requested the AFCA complaint process, exacerbating the details about the payments and debt amount, complainant’s stress and inconvenience. [...] This case underscores the importance of BNPL When the financial firm did respond, it re-asserted providers adhering to proper debt collection its right to the full amount of the arrears and practices and ensuring transparent, respectful threatened to list a default on the complainant’s communication with consumers. [...] The bank defended its position by asserting that the Due to these shortcomings and the evident warning complainant had authorised the transaction, signs, the ombudsman determined that the bank providing a recording of the phone call as should have identified the scam risk.
Authors
- Pages
- 178
- Published in
- Australia
Table of Contents
- _Hlk16000314 157
- Acknowledgement of Country 2
- About this Annual Review 2
- Year at a glance 4
- Board Chair message 10
- Chief Executive Officer and Chief Ombudsman message 14
- Organisational overview 16
- About AFCA 17
- Our strategy 18
- Delivering on our strategy 20
- Our members 23
- Response to Treasury’s Independent Review of AFCA 26
- Compensation Scheme of Last Resort 28
- Complaints 29
- Who complained to AFCA in 2023-24? 30
- AFCA engagement with First Nations peoples 32
- Overview of complaints 37
- Open cases 39
- Closed cases 40
- Banking and finance complaints 42
- Buy now pay later 48
- Scam complaints 51
- Financial difficulty complaints 54
- Small business complaints 60
- General insurance complaints 66
- Significant events 72
- Life insurance complaints 74
- Superannuation complaints 80
- Investments and advice complaints 86
- Cryptocurrency 91
- Complaints lodged by consumer advocates and financial counsellors 94
- Complaints outside AFCA’s Rules 99
- Systemic issues 101
- AFCA’s Code compliance and monitoring function 103
- Engagement, awareness and accessibility 107
- Stakeholder engagement 108
- Accessibility 112
- Corporate information 114
- Our people and culture 115
- Feedback about our service 124
- Independent Assessor 127
- Our Board 131
- Corporate governance 133
- Naming financial firms 142
- AFCA General Purpose Financial Report 2024 143
- Glossary 168
