AFCA receives record number of complaints in 2025 calendar year
David Locke
The Australian Financial Complaints Authority (AFCA) received a record number of complaints in 2025, with 111,373 complaints coming through the door – a 14 per cent increase from the 2024 calendar year.
Consumers and small business owners secured $643 million in compensation and refunds after coming to AFCA, which is another record and a 120 per cent increase from the previous calendar year.
The increase in complaints was spread across all financial products, including banking and finance, insurance, investments and advice, and superannuation.
Large scale collapses in the financial advice sector resulted in a 58 per cent increase in investment and advice complaints, including a 59 per cent increase in complaints from self-managed superannuation funds. This includes 2,162 complaints relating to the collapse of the Shield and First Guardian Master Funds.
“Shield and First Guardian complaints will continue to be a key focus for AFCA throughout 2026. We have now issued 44 decisions, including five lead decisions, and have 500 simultaneous investigations underway, and we remain firmly committed to progressing these matters as quickly as we can,” said Chief Ombudsman and Chief Executive Officer David Locke.
Last week AFCA reached a significant milestone when it issued its 1,000 Dixon determination. Complaints against Dixon Advisory are the largest single batch of complaints AFCA has ever managed. This work continues to be a focus with around 900 matters currently under investigation.
“We know that large scale financial firm collapses can have a profound impact on people and their families. We’re working through these matters as quickly and carefully as we can, and we’re making steady progress,” David said.
The 29 per cent rise in superannuation complaints (7,687) in 2025 was largely driven by delays in handling claims and disputes over claim decisions. While complaints about death benefits have remained steady, the main pressure points were timeliness and transparency in the claims process.
Since the start of operation, AFCA has received more than 634,000 complaints, helping to secure $2.1 billion in compensation for consumers.
“This data highlights the sustained demand for our service, and with a new Banking Code now in force, and major reforms underway across general and life insurance, this is a pivotal moment for the financial services sector to lift standards and deliver more consistent, accessible and customer focused outcomes for their customers,” said the Chief Ombudsman.
