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).