CBA by far the worst bank for complaints

Via Banking Day:

Commonwealth Bank was the subject of the highest number of complaints to the Australian Financial Complaints Authority over the year to June, with the other big banks not far behind.

Others big-time offenders included ANZ, Suncorp, NAB, Westpac, IAG, Citigroup, finance company Multipli, QBE, American Express, Latitude and PayPal.

CBA was way out in front, with 3890 complaints. ANZ, at number two, received more than 1000 fewer complaints.

AFCA released its annual report yesterday, reporting that between 1 November last year, when it started, and 30 June this year it received 47,223 complaints.

It resolved 67 per cent of them, awarding A$112 million of compensation.

Sixty per cent of complaints were about banking and finance, 23 per cent about general insurance, 9 per cent about superannuation, 5 per cent about investments and advice and 2 per cent about life insurance.

 

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