Australian Financial Complaints Authority records record complaints

The Australian Financial Complaints Authority (AFCA) reported a record 119,949 complaints against the banking, finance, and insurance sectors during the 2025-26 financial year. This marks the third consecutive year that complaint volumes have exceeded 100,000.

Banking and finance remained the primary areas of dispute. Specifically, complaints regarding financial difficulty rose by 17%, while credit reporting complaints increased by 22%. The most frequently criticized financial products included personal transaction accounts, motor vehicle insurance, and credit cards. The leading issues cited by consumers were service quality, claim rejections, and delays in claim handling.

AFCA Chief Customer Officer Deborah Jenkins noted that the high volume of complaints reflects the challenges consumers face navigating a difficult economic environment and ongoing cost-of-living pressures. Jenkins stated, “These numbers highlight the impact that ongoing cost-of-living challenges and economic uncertainty are having on consumers, and the flow-on effects these conditions can have across the financial system.”