The Australian Financial Complaints Authority received a record number of complaints last year, up 14% on the 2024 figure to reach 111,373.
The increase in complaints across the ditch was spread across all financial products, and while those about death benefits remained steady, the main issues were timeliness and transparency.
Last year the free ombudsman service in Australia received 6,362 denial of claim complaints, 9,274 related to delays in claim handling, and 8,457 were about misleading information.
Chief Ombudsman and AFCA CEO David Locke said a 29% rise in superannuation complaints (7,687) in 2025 was largely driven by delays in handling claims and disputes over claim decisions.
Large scale collapses in the financial advice sector in Australia resulted in a 58% increase in investment and advice complaints, including a 59% increase in complaints from self-managed superannuation funds. This includes 2,162 complaints relating to the collapse of the Shield (843) and First Guardian Master (1,319) Funds.
“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 Locke.