Australia's frustration with motor insurance grows
Motor insurance was Australia's most maligned financial product in 2024, with total complaints jumping by a third in the year to June 30, 2025, according to the Australian Financial Complaints Authority.
"A lot of issues there around shortages in both labour and parts are impacting that, but clearly there's a lack of communication and really helping consumers through that period," AFCA chief ombudsman David Locke told AAP.
Consumer credit insurance complaints jumped 184 per cent, which included add-on products such as loan termination insurance, tyre insurance, and coverage for missed payments.
"Some of this was covered in the banking royal commission years ago, and we're still dealing with some some of these complaints," Mr Locke said.
Total insurance complaints surged 17 per cent to more than 34,000, while complaints about financial or investment advice jumped 18 per cent to 4200, after the collapse of several investment funds now under investigation by the Australian Securities and Investments Commission.
"We've seen examples of advisers recommending products because of financial incentives, particularly around self-managed super funds," Mr Locke said.
The authority reported 100,745 complaints in 2024/25, an easing from a record of nearly 105,000 the year before.
"This number is still way too high, and financial firms need to do a better job of resolving issues," Mr Locke said.
Banking and finance complaints fell nine per cent to roughly 54,600, helped by a near-halving of scam-related complaints on the year before.
Superannuation complaints fell by 16 per cent to 6164, as issues around claim handling delays dropped by 39 per cent.
"The reduction in superannuation complaints is a positive sign ... but we're still concerned that the top three issues relate to service quality and we urge superannuation funds to improve service standards," Mr Locke said.
The authority has received roughly 570,000 complaints since it was established in 2018 following the Royal Commission into Banking, Superannuation and Financial Services, and has since helped consumers secure 1.8 billion in compensation or refunds.
Australians are fed up with motor vehicle insurance, with complaints about stalled claims surging as parts and labour shortages drag on repair times.
Motor insurance was Australia's most maligned financial product in 2024, with total complaints jumping by a third in the year to June 30, 2025, according to the Australian Financial Complaints Authority.
"A lot of issues there around shortages in both labour and parts are impacting that, but clearly there's a lack of communication and really helping consumers through that period," AFCA chief ombudsman David Locke told AAP.
Consumer credit insurance complaints jumped 184 per cent, which included add-on products such as loan termination insurance, tyre insurance, and coverage for missed payments.
"Some of this was covered in the banking royal commission years ago, and we're still dealing with some some of these complaints," Mr Locke said.
Total insurance complaints surged 17 per cent to more than 34,000, while complaints about financial or investment advice jumped 18 per cent to 4200, after the collapse of several investment funds now under investigation by the Australian Securities and Investments Commission.
"We've seen examples of advisers recommending products because of financial incentives, particularly around self-managed super funds," Mr Locke said.
The authority reported 100,745 complaints in 2024/25, an easing from a record of nearly 105,000 the year before.
"This number is still way too high, and financial firms need to do a better job of resolving issues," Mr Locke said.
Banking and finance complaints fell nine per cent to roughly 54,600, helped by a near-halving of scam-related complaints on the year before.
Superannuation complaints fell by 16 per cent to 6164, as issues around claim handling delays dropped by 39 per cent.
"The reduction in superannuation complaints is a positive sign ... but we're still concerned that the top three issues relate to service quality and we urge superannuation funds to improve service standards," Mr Locke said.
The authority has received roughly 570,000 complaints since it was established in 2018 following the Royal Commission into Banking, Superannuation and Financial Services, and has since helped consumers secure 1.8 billion in compensation or refunds.
Australians are fed up with motor vehicle insurance, with complaints about stalled claims surging as parts and labour shortages drag on repair times.
Motor insurance was Australia's most maligned financial product in 2024, with total complaints jumping by a third in the year to June 30, 2025, according to the Australian Financial Complaints Authority.
"A lot of issues there around shortages in both labour and parts are impacting that, but clearly there's a lack of communication and really helping consumers through that period," AFCA chief ombudsman David Locke told AAP.
Consumer credit insurance complaints jumped 184 per cent, which included add-on products such as loan termination insurance, tyre insurance, and coverage for missed payments.
"Some of this was covered in the banking royal commission years ago, and we're still dealing with some some of these complaints," Mr Locke said.
Total insurance complaints surged 17 per cent to more than 34,000, while complaints about financial or investment advice jumped 18 per cent to 4200, after the collapse of several investment funds now under investigation by the Australian Securities and Investments Commission.
"We've seen examples of advisers recommending products because of financial incentives, particularly around self-managed super funds," Mr Locke said.
The authority reported 100,745 complaints in 2024/25, an easing from a record of nearly 105,000 the year before.
"This number is still way too high, and financial firms need to do a better job of resolving issues," Mr Locke said.
Banking and finance complaints fell nine per cent to roughly 54,600, helped by a near-halving of scam-related complaints on the year before.
Superannuation complaints fell by 16 per cent to 6164, as issues around claim handling delays dropped by 39 per cent.
"The reduction in superannuation complaints is a positive sign ... but we're still concerned that the top three issues relate to service quality and we urge superannuation funds to improve service standards," Mr Locke said.
The authority has received roughly 570,000 complaints since it was established in 2018 following the Royal Commission into Banking, Superannuation and Financial Services, and has since helped consumers secure 1.8 billion in compensation or refunds.
Australians are fed up with motor vehicle insurance, with complaints about stalled claims surging as parts and labour shortages drag on repair times.
Motor insurance was Australia's most maligned financial product in 2024, with total complaints jumping by a third in the year to June 30, 2025, according to the Australian Financial Complaints Authority.
"A lot of issues there around shortages in both labour and parts are impacting that, but clearly there's a lack of communication and really helping consumers through that period," AFCA chief ombudsman David Locke told AAP.
Consumer credit insurance complaints jumped 184 per cent, which included add-on products such as loan termination insurance, tyre insurance, and coverage for missed payments.
"Some of this was covered in the banking royal commission years ago, and we're still dealing with some some of these complaints," Mr Locke said.
Total insurance complaints surged 17 per cent to more than 34,000, while complaints about financial or investment advice jumped 18 per cent to 4200, after the collapse of several investment funds now under investigation by the Australian Securities and Investments Commission.
"We've seen examples of advisers recommending products because of financial incentives, particularly around self-managed super funds," Mr Locke said.
The authority reported 100,745 complaints in 2024/25, an easing from a record of nearly 105,000 the year before.
"This number is still way too high, and financial firms need to do a better job of resolving issues," Mr Locke said.
Banking and finance complaints fell nine per cent to roughly 54,600, helped by a near-halving of scam-related complaints on the year before.
Superannuation complaints fell by 16 per cent to 6164, as issues around claim handling delays dropped by 39 per cent.
"The reduction in superannuation complaints is a positive sign ... but we're still concerned that the top three issues relate to service quality and we urge superannuation funds to improve service standards," Mr Locke said.
The authority has received roughly 570,000 complaints since it was established in 2018 following the Royal Commission into Banking, Superannuation and Financial Services, and has since helped consumers secure 1.8 billion in compensation or refunds.
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