Eye on bank issues

Complaints collected

THE Australian Financial Complaints Authority says it has received more than 650 financial complaints from within the Greater Geelong area and awarded more than $1.84 million in compensation in its first 11 months of operation.

Bank complaints were the most common with 238 complaints received, followed by general insurance (122), credit providers (84), superannuation (32) and debt collectors (22).

The majority of complaints were made by men (60 per cent), with those in the 40-59 age bracket (36 per cent) our biggest complainers.

The most common individual complaint related to financial firms failing to respond to requests for assistance.

Other popular complaints included credit reporting, responsible lending, delays in claims handling and denial of claims.

The AFCA will be visiting Geelong this Thursday to better understand the financial issues faced by locals.

As the one-stop shop for consumers and small businesses with complaints about financial firms, including banks, credit and insurance organisations, investments, financial advice and superannuation, AFCA will activate its roaming support centre in Westfield Geelong between 9am and 5.30pm.

With recent research showing that fewer than one out of every two people with a concern about their financial firm actually lodge a complaint, the roadshow aims to help address Australia’s low awareness of how to resolve a dispute with banks, insurers or financial firms.

Chief Ombudsman and chief executive David Locke said hearing from Geelong people would also help AFCA improve its own processes and services.

“When people run into an issue with their financial provider, many don’t know they can actually make a formal complaint and get it fixed,” he said. “If it’s something you’ve felt strongly enough to complain about to your friends and family, chances are you have a case to pursue.

“We’re eager to hear from the locals of Geelong firsthand about their financial complaints and any issues they’ve encountered resolving issues with their financial firm.

“These valuable insights will help us reach fair outcomes and drive change across the industry.”

Mr Locke said it was important that Geelong residents felt confident bringing their financial complaints forward.

“We will be there to support each and every Aussie that we encounter on the road,” he said.

“We’re also letting people know they have a one-year window to lodge complaints dating back to 2008.

“The special rules around ‘legacy complaints’ have been set by the Australian Government, and AFCA can accept legacy complaints until June 30.”