The Australian Financial Complaints Authority ('AFCA') is an independent organisation that helps resolve disputes between consumers, small businesses, and financial firms like banks and insurance companies. It provides a fair and quick way to solve problems without needing to go to court, making financial services more trustworthy for everyone.
What types of complaints can you make?
Complaints about a Financial Service or Product:
- Complaints can be made about a product or service provided by a financial firm that is a member of the AFCA. Below are types of financial services and products that you can complain to AFCA about.
Superannuation Products and Services:
- Incomplete, incorrect, or misleading advice or information
- Incorrectly charged fees
- Refused requests for early access to superannuation
- Incorrect or unauthorised transactions
- Unreasonable delays
Banking Products and Services:
- Issues with savings and transaction accounts, payments, transfers, fees, and charges
- Electronic, in-person, and ATM banking transactions
- Non-cash payments through store gift cards, loyalty programs, or PayPal
- Merchant fees
- Cheques
- Management of information, including privacy and confidentiality
- Customer service issues including complaint handling
Credit, Finance, and Loan Products and Services:
- Issues with advice or information about a credit, loan, or finance product
- Incorrectly applied or calculated charges
- Management of information, including privacy and confidentiality
- Irresponsible lending
Insurance Products and Services:
- Issues with instructions not being followed
- Decisions to cancel a policy or deny a claim
- Overpayment or underpayment of insurance benefits
- Incorrectly charged insurance premiums
- Inadequate, misleading, or inappropriate advice
- Management of information, including privacy and confidentiality
Investment and Financial Advice Products and Services:
- Advice not in the best interests
- Incorrectly charged, calculated, or applied fees
- Missing required information about an investment
- Instructions not followed
- Incorrect or unauthorised transactions
- Management of information, including privacy and confidentiality
Jurisdiction:
Your complaint must be connected to Australia either because you have a contract under Australian law, received an offer in Australia to invest in a Foreign Collective Investment Scheme, or have an investment in a product offered through an Australian platform.
Time Limitations:
Time frames for lodging a complaint vary depending on the type, ranging from 28 days to 6 years. Superannuation complaints, specifically regarding disability benefits or death benefits, have specific time limits. For most complaints, AFCA will consider them if they are made within six years after you first became aware of the loss or within two years of receiving a response from your financial firm’s internal dispute resolution process.
AFCA will not deal with complaints about:
AFCA cannot handle certain complaints unless all parties agree. General exclusions include complaints about fees, charges, or interest rates unless they involve misrepresentation or legal breaches, benefit allocation among beneficiaries (except superannuation or trustee services), and complaints already addressed by courts or similar bodies.
Exercise of Discretion:
AFCA may decide not to look into certain complaints if they think it's best, including those better handled elsewhere, already resolved, about general practices without specific wrongdoing, not serious, involved in legal action, or where a paid representative is not acting in the complainant's best interest.
Who can you make a complaint against?
Complaints about AFCA Members:
You can make a complaint about any financial firm that is a member of AFCA. The financial firm must be a member of AFCA at the time the complaint is submitted.
Financial Firms Include:
- Banks
- Insurers
- Credit providers
- Superannuation funds
- Financial advisers
- Debt collection agents
- Employees, agents, contractors, or representatives of the financial firm
AFCA will not deal with complaints about:
AFCA does not handle complaints about private health insurance, government entities, and specific financial services activities not covered by AFCA membership.
Are you eligible to make a complaint?
Consumer: Anyone who has concerns about their experience when accessing or attempting to access a financial firm’s services or products.
Small Business: Businesses with fewer than 100 employees at the time of the problem with a financial firm’s services or products.
Registered Charities: Registered charities can lodge complaints with AFCA regardless of the number of employees.
Before you lodge a complaint:
AFCA usually expects you to complain directly to your financial firm using their internal dispute resolution process before lodging a complaint with them.
Can I make a complaint on behalf of someone?
You can ask someone such as a friend, family member, advocate, lawyer, or member of parliament to make a complaint on your behalf with written authority.
Additional Information:
AFCA’s services are free. You can lodge a complaint at any time, but it’s best to do so as soon as possible.
What can this body do to help?
Outcomes AFCA Can Provide:
Superannuation Complaints:
- Confirm, change, or replace the decision or action
- Send back parts or the entire decision for reconsideration
- Adjust policy or terms for life policies, annuities, insurance contracts, or RSAs
- Cancel membership in a life policy fund if necessary
Non-Superannuation Complaints:
- Require payment of a specific sum
- Change or forgive a debt
- Release of property or assets held as security for a debt
- Adjust fees, charges, or interest rates
- Reinstate, modify, rectify, or set aside contracts
- Require insurance claims to be met
- Order corrections, additions, or deletions of information for privacy complaints
- Stop enforcement of a default judgment
- Require an apology
Additional Information:
- Direct Financial Loss: If you have lost money because of a problem, the financial firm might have to pay you back.
- Indirect Financial Loss: Sometimes, you can get compensation for losses that are indirectly caused by the problem, but there are limits to this.
- Non-Financial Loss: You can also be compensated for things like emotional distress, humiliation, inconvenience, or disruption of your peace of mind. However, this does not apply to certain insurance complaints.
Note: AFCA cannot punish the financial firm. They can only ensure you are compensated for the actual loss you have suffered.
How to prepare your complaint
Format:
Complaints can be lodged over the phone or in writing. A hard copy of the AFCA complaint form can be found online. Translation services are available for free.
Personal Details:
Provide your full name, date of birth, and contact information. If lodging on someone’s behalf, provide their personal details.
Financial Firm Details:
Provide the name of the financial firm, their reference number if possible, and the date you complained to them.
Relevant Facts:
Describe the product or service you are complaining about, what happened, when it happened, and how you would like AFCA to help. Provide copies of any supporting documents.
What not to Include:
Be reasonable with your outcomes and open to resolutions. Do not provide false or misleading information.
Lodging your complaint and next steps:
Where to Lodge:
- Online: AFCA Complaint Form
- Post: GPO Box 3, Melbourne, VIC 3001
- Email: info@afca.org.au
- Phone: 1800 931 678 (Monday to Friday, 9am - 5pm)
Notice:
After lodging your complaint, AFCA will notify the financial firm, which must resolve the complaint or provide its position within a certain timeframe. AFCA may refer the complaint to the financial firm if you have not complained to them first.
Informal Methods:
AFCA will generally try to resolve your complaint through negotiations, conciliation, or providing general advice and guidance.
Formal Methods:
- Preliminary Assessment: AFCA may provide an initial assessment of your complaint. If not resolved, it proceeds to a determination.
- Determination: AFCA makes a final decision in writing, outlining reasons and awarding a remedy. If you accept, the financial firm must comply.
Withdrawing a Complaint:
You may withdraw your complaint at any time by informing AFCA.
Closing a Complaint:
AFCA may close your complaint if it is excluded, if you haven’t suffered any loss, have already been compensated, or if the financial firm hasn’t committed an error. You can object to AFCA closing your complaint, which will be reviewed formally.
More information:
Refer to the factsheet provided below for more information.
