More than a hundred systemic issues investigated from July to December 2023
The Australian Financial Complaints Authority (AFCA) identified and investigated 111 systemic issues between July and December 2023, leading to over $40.4 million being returned to consumers.
In the latest edition of its Systemic Issues Insights Report, AFCA made more than a hundred investigations with 139,011 individuals receiving remediation.
Some cases are still ongoing, while 43 systemic issues have been resolved with financial firms, resulting in refunds of more than $40 million – a slight decrease from the $61 million refunded to 145,480 consumers in the first half of the year.
The AFCA report disclosed that besides monetary refunds, consumers benefited from various corrective actions, including amendments to inaccurate adverse reporting history information and credit liability data on customer files.
Other measures included the refund of incorrectly charged late payment fees, the correction of account balance allocations, outreach to consumers who missed receiving policy statements, and updated disclosures about trading account limits to ensure consistency with trading platform operations.
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