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Australians have lodged a record 96,987 complaints with the financial ombudsman in the past 12 months, a 34 per cent increase on the previous year. 

Key points:

  • Over $253 million was paid back to customers in 2022-23
  • Insurance claim handling, and scams, were the most complained about issues
  • Financial stresses worsened as interest rates increased

The Australian Financial Complaints Authority (AFCA) says complaints about delays in insurer claims handling topped the list of complaints last financial year, jumping 76 per cent.

The majority of those complaints had nothing to do with claims linked to natural disasters.

The second most complained about issue regarded unauthorised transactions, up 69 per cent, which included complaints about financial scams.

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