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Australian regulator ASIC reports over 4.7 million financial complaints, leading to $375M in remedies.
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.
General insurance led complaints at 33%, with issues like service and charges being the most common.
ASIC noted 623,555 complaints resulted in over $375 million in monetary remedies.
However, the regulator expressed concerns about data accuracy and plans to review reporting practices, starting individual firm reporting next year.
Additionally, ASIC reported 72,238 investment and advice complaints and 220,860 superannuation complaints, with over $13 million and $15 million in remedies respectively.
El regulador australiano ASIC reporta más de 4,7 millones de quejas financieras, lo que lleva a 375 millones de dólares en remedios.