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flag Australian regulator ASIC reports over 4.7 million financial complaints, leading to $375M in remedies.

flag The Australian Securities and Investments Commission (ASIC) released its first industry-wide data report on financial complaints from July 2023 to June 2024, covering over 4.7 million complaints. flag General insurance led complaints at 33%, with issues like service and charges being the most common. flag ASIC noted 623,555 complaints resulted in over $375 million in monetary remedies. flag However, the regulator expressed concerns about data accuracy and plans to review reporting practices, starting individual firm reporting next year. flag Additionally, ASIC reported 72,238 investment and advice complaints and 220,860 superannuation complaints, with over $13 million and $15 million in remedies respectively.

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