Earlier this month, the Australian Financial Complaints Authority (AFCA) released their ‘Datacube’, bringing transparency to how financial firms have been handling complaints.
“This tool—the AFCA Datacube—provides a much deeper level of detail about the issues and products that consumers and small businesses are complaining to us about,” AFCA CEO David Locke said, in an official statement at the Datacube’s launch, earlier this month.
The Complaints Authority CEO added that, “Anyone can use this tool to review the performance of their financial firm and compare it to others in the market. This data, and the level of detail that consumers can see about each firm, will also support the work of policy makers and researchers. For financial firms themselves, they can clearly see how they are tracking at handling complaints and how this compares to others in the market.”
This image is taken from the Datacube ‘At A Glance’ page from the AFCA website.
The current information on the ‘At A Glance’ page on the Datacube showed that, for the period between 1 November 2018 and 20 June 2019, a total of $112.1 million has been paid in compensation.