Advice-Related Complaints Low Despite Huge Rise In General
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Of the nearly 97,000 complaints lodged with AFCA in the past 12 months, less than 5% were related to investments and advice and just under 2% were about life insurance.
A statement from the authority says consumers in dispute with financial firms lodged a record 96,987 complaints, an “unprecedented” rise of 34% on the previous financial year.
AFCA says without these, the total would have been 2,458, which would have represented a decrease in complaints of 23%.
The same table shows that 1,898 complaints (1.95%) related to life insurance, a 24% drop from the 2,482 complaints received in FY2022.
Courtesy of AFCA.
AFCA’s Chief Ombudsman and CEO, David Locke, says the rise in complaints (in general) “…reflected growing financial stress in the community, the continued scourge of scams, and issues with insurer claims handling that had continued for well over a year now.”
He says AFCA is “…deeply concerned by the volume of complaints consumers are having to escalate to AFCA. It’s not fair on consumers and not good for business. We need to see a significant improvement from firms.”
Locke says the impact of financial stress from rising interest rates and costs of living became increasingly evident in complaints in the final quarter of 2022-23.
Overall, banking and finance complaints rose 27% to 53,638 in 2022-23.
“Within that, complaints involving financial difficulty rose 9% over the year but were up 31% when the June quarter was compared with the same period a year earlier. Home loan complaints and credit card complaints also spiked higher in the final months of the year.”
Locke says the authority wants to see banks and other finance providers continue to take active steps to identify and support customers who are experiencing financial difficulty.
“Pleasingly, the banking and finance sector had continued to lift the proportion of complaints resolved at the earliest stage of the AFCA process.”
Buy now pay later (BNPL) complaints rose 57% in 2022-23.
Meanwhile, personal transaction accounts overtook credit cards as the most complained about product, with disputes up 86%. It is the first time credit cards have failed to top the list since AFCA’s inception nearly five years ago. This was partly due to scam-related complaints, which rose 46% last year to 6,048.
…The top issue in complaints to AFCA in 2022-23 was delay in insurance claim handling…
The top issue in complaints to AFCA in 2022-23 was delay in insurance claim handling (up 76%). Overall, general insurance complaints rose 50% to 27,924.
“We have been raising our concerns about claim delays with insurers for over 12 months now,” Locke says.
“It is disappointing that this continues to be a concern. While we acknowledge the challenges insurers have faced, the bulk of complaints in the past year were not about natural disasters but about regular claims.”
Delay in insurance claim handling was also a significant issue in superannuation. Super complaints rose 32% overall, but within this was a 136% rise in complaints about claim delays, including the payment of death benefits.
Overall, in 2022-23 consumers secured $253.8 million in compensation and refunds after coming to AFCA. In addition, AFCA’s systemic issues work – on issues with a wider impact than single complaints – resulted in firms remediating more than 368,000 people to a total of $75.5 million.
AFCA says it has helped secure $1.07 billion in compensation and refunds since starting operation in November 2018. It has received more than 367,000 complaints in that time. Its systemic issues work has resulted in 4.8 million people receiving $340.2 million.
Compliance & Regulation July 28, 2023 riskinfo.com.au
General Advice Warning: The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
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Do you have a mortgage?
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Self Managed Super Funds
Self-Managed Superannuation Funds (SMSFs) offer a good strategy option for many individuals, families and small business owners to build tax effective wealth and to protect assets over time. SMSFs are becoming popular for those who are ready to take control of their own super investments as they give you ultimate control and flexibility to manage your retirement benefits.
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Your estate is made up of everything you own. This includes your home, property, furniture, car, personal possessions, business, investments, superannuation and bank accounts.
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Please enjoy the links to these free tools supplied by MoneySmart – a great resource for general financial information. Please get in touch if you would like to discuss any questions that you may have as a result of using these calculators.
Tess has over 22-years experience in Chartered Accounting Firms and in this time has had a broad range of experience in superannuation, taxation, business services, and financial strategy.
Over the last seven-years, Tess has turned her attention to Financial Planning, earning a Diploma of Financial Planning in 2015 and leading the newly established financial division of the Wybenga Group as a director of Wybenga Financial.
Tess’s mission is to bring the ethics and integrity of her Chartered Accounting background to the area of wealth management.
As a woman in a male dominated field, Tess is active in promoting gender equality in the industry through various programs and mentoring opportunities.
Using her depth of knowledge and experience in tax and accounting Tess is able to demonstrate a level of competence that is unique in the Financial Planning sector.
2001 – Commenced employment with Wybenga & Partners and part-time accountancy studies
2004 – Graduated Masters of Commerce from the University of New South Wales
2005 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
2007 – Promoted to Manager at Wybenga & Partners
2012 – Appointed as Associate Director
2015 – Awarded a Diploma of Financial Planning
2016 – Appointed as Partner of Wybenga Group and Director of Wybenga Financial
B.Bus, B.Sc, CA, DipFP
Adam has over 18-years experience in Chartered Accounting Firms and in this time has had a broad range of experience in superannuation, taxation, business services, and financial strategy.
Over the last seven-years, Adam has turned his attention to Financial Planning, earning a Diploma of Financial Planning in 2015 and leading the newly established financial division of the Wybenga Group as a director of Wybenga Financial.
Adam’s mission is to bring the ethics and integrity of his Chartered Accounting background to the area of wealth management.
Combining traditional accounting and financial services has been a welcome move for Adam, allowing him to operate and advise in the financial sector that has been a long time personal passion.
Using his depth of knowledge and experience in tax and accounting Adam is able to demonstrate a level of competence that is unique in the Financial Planning sector.
2005 – Graduated Bachelor of Science from the University of Western Sydney
2005 – Commenced employment with Wybenga & Partners and part-time accountancy studies
2007 – Graduated Bachelor of Business from the University of Western Sydney
2010 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
2010 – Promoted to Manager at Wybenga & Partners
2012 – Appointed as Associate Director
2015 – Awarded a Diploma of Financial Planning
2016 – Appointed as Partner of Wybenga Group and Director of Wybenga Financial
What is an Advisory Cadetship? An Advisory Cadetship enables you to commence your career whilst attaining the necessary university qualifications by studying part-time.
How does it work? Generally, our cadets complete a relevant business or accounting degree at the University of New South Wales, the University of Technology Sydney, Macquarie University, or the University of Western Sydney.
The Firm provides 3-hours paid study leave per week to attend university. This can either be taken at the one time or broken between days depending on the individual’s requirements. In addition, the Firm provides paid study leave for both mid-semester and end-of-year exams.
We take the work life balance very seriously at Wybenga Financial and our cadets are encouraged to have a fulfilling life outside the office. A typical day will have you arriving at the office at around 8.30am with most days concluding at 5.30pm.
What are the benefits of an Advisory Cadetship with Wybenga Financial? Our cadets benefit from the following:
Career path – on completion of their degree our cadets have significant practical experience which will assist them in advancing their careers
Work helps your studies – by working full-time our cadets are able to apply their practical knowledge in the university subjects
Camaraderie with other cadets – the Firm has a number of cadets at various stages of their career
Mentoring – cadets are paired with a senior staff member who oversees their progress and training both at work and with their studies
Communication and feedback – the Firm has an open door policy which enables all cadets to interact with all members of staff including Directors
Culture – the Firm promotes a friendly social culture with a number of functions throughout the year
Modern environment – including ‘socialising’ areas such as pool table and break out area
Training – ongoing support and technical training. We also provide internal and external training on a monthly basis
Remuneration – working full-time provides a market salary and independence with salaries being reviewed every 6-months
What happens when I complete my degree? The completion of your degree is the first step of what we hope to be a long and successful career with us. The next step is the commencement of a Diploma of Financial Planning followed by completing the requirements to become a Certified Financial Planner (CFP).
There are always progression opportunities for the right cadets and we are dedicated to the long term development of our staff.
Who should apply? Current Year 12 students or first/second year University Students who:
want to commence their career in financial advisory;
are due to commence or are currently completing a part-time business or commerce degree at university with an advisory major;
want to gain valuable hands-on experience while completing their qualifications;
are looking for a friendly working environment;
are team players who display initiative;
have a commitment to self-development;
possess excellent personal presentation and communication skills; and
are motivated and mature minded.
How do I apply for an Advisory Cadetship? To apply for a Cadetship position at Wybenga Financial send us your details. Please also include in your covering letter why you wish to do a cadetship, include relevant qualities you possess, main interests / achievements, and any previous employment.
Interested candidates should initially forward a resume/covering letter of no more than 3-pages. Please provide full details of contact information (telephone or e-mail).
What if I have more questions? For further information about our Cadetship program, please send your enquiry to .