Watch­dog in­un­dated

The Cairns Post - - BUSINESS -

A NEW fi­nan­cial ser­vices watch­dog set up to pro­tect con­sumers from un­scrupu­lous oper­a­tors has been flooded by com­plaints in its first month.

The Aus­tralian Fi­nan­cial Com­plaints Au­thor­ity re­ceived more than 13,000 phone in­quiries since open­ing on Novem­ber 1, log­ging 6522 com­plaints about fi­nan­cial prod­ucts or ser­vices.

Av­er­ag­ing about 310 com­plaints per busi­ness day, AFCA has so far ex­pe­ri­enced an in­crease of more than 47 per cent in com­plaints, when com­pared to pre­de­ces­sor schemes.

CEO and chief om­buds­man David Locke said the body had an­tic­i­pated the high de­mand.

“While we have only been op­er­at­ing for a month, 15 per cent of the com­plaints we re­ceived in the month of Novem­ber have al­ready been fi­nalised.”

Most of the com­plaints have been about credit (45 per cent), fol­lowed by gen­eral in­sur­ance (21 per cent), de­posit tak­ing (10 per cent) and su­per (8 per cent).

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