Episode 54: AFCA reports a 35% increase in compliance complaints

The Australian Financial Compliance Authority’s six month report is in and hosts 35,000 complaints; a 35% increase in the number of complaints received from the previous 6 month period. 

AFCA has taken over for three external dispute resolution (EDR) bodies, to serve as a one-stop-shop for financial disputes. Following the publicity surrounding the Royal Commission, it seems there are more reports coming in on systemic issues relating to financial misconduct. 

61% of the complaints have come in against banking and finance, 23% are against general insurance, 9% against superannuation funds, 5% against financial advisors and investment return performance, and 2% against life insurance and life insurance companies. 

This report shows there is a significant number of reports on mistaken or fraudulent transactions on credit card and bank statements. With more than 1200 complaints relating to transaction errors, the importance of reviewing banking and credit card statements proves an important practice. 

Listen in for our discussion on ensuring transactional security and for more on AFCA’s six month report. 

This Week’s Investor Exchange Round Table Covered:

  • Elon Musk is at it again. The tech entrepreneur has launched another business (that isn’t making money). Joel explains the grand vision behind the Neuralink, a company developing computer chips for implantation in the human brain. (10:30) 
  • Brett discusses apartment issues and the argument surrounding flammable cladding. State governments have started putting plans in place for auditing and determining risk factors and will be determining responsibility for paying for rectification. Listen in for more. (15:40)
  • Louis explains how debt is a magnifier of your financial habits. Listen in for his discussion on ways to open your mind to possibilities and options for accommodating debt into your financial plan.  (24:40)

You Cannot Be Serious:

A US woman hired a bakery to make a Disney Moanna cake for her daughter’s birthday. Well, the bakery misunderstood her request and created a Marijuana themed cake, complete with a marijuana leaf and green pony with bloodshot eyes!

It’s no secret Italians love their sports cars, but the water-filled streets of Venice, make it hard to navigate a Ferrari. That’s why Italian sculptor Livio Di Marchi carved a Ferarri F50 entirely out of wood to float down the canals of Venice in!

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