Did your bank, insurer or super fund knock you back?
There is a free umpire above them. It is not a court, it costs you nothing, and its decisions bind the firm.
$390,862,905
in compensation and refunds secured through AFCA in 2024–25, free to the people who complained
What this is
AFCA is the external dispute resolution scheme for banking, insurance, superannuation and financial advice. It is free to consumers and small businesses, it is not a court, and a determination you accept binds the firm even though it does not bind you. In 2024-25 complainants secured just under 391 million dollars in compensation and refunds through it. Most people never use it because they assume the firm's final answer is final.
Does it apply to you?
- Anyone whose insurance claim was declined or underpaid
- Anyone disputing a bank fee, a transaction or a hardship decision
- Anyone whose super fund has mishandled an account or an insurance claim
- Small businesses within the scheme's size limits
How to do it
- Complain to the firm first, in writing, and keep the reference number. AFCA needs you to have given them a chance.
- If they refuse, or 30 days pass with no answer, lodge with the Australian Financial Complaints Authority online.
- Attach what you have: policy or statement, the dates, what you asked for and what they said.
- AFCA is free. A firm's decision can be overturned, and its determination binds the firm if you accept it.
Where people lose the money
Going to AFCA before complaining to the firm.
AFCA needs the firm to have had a chance first. Complain internally, get the reference number, then escalate.
Paying a claims management service a percentage.
AFCA deals with you directly and costs you nothing. A percentage of your own compensation is a high price for form-filling.
Letting the time limit pass.
Complaints generally have to reach AFCA within two years of the firm's final response. Diarise the date the moment you get it.
Questions
Does it cost me anything?
Nothing. AFCA is free to consumers and small businesses. It is funded by the financial firms that are its members.
Is a decision binding?
A determination binds the firm if you accept it. If you do not accept it, you keep your right to go to court instead.
How long does it take?
It varies with complexity. Many complaints are resolved at the referral or conciliation stage within weeks; an investigation and determination takes longer.
What can AFCA not help with?
It cannot change a firm's commercial policy, such as what products it offers or what it charges generally. It deals with whether you were treated fairly and in line with the contract and the law.
Where these numbers come from
- AFCA Annual Review 2024–25, Overview of complaints · read 2026-09-22
Last gone over 2026-09-22. Figures change; the link above is always the current one.