'Appalling treatment': Bank customers making 5900 complaints a month


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The chair of the government’s new financial dispute authority, Helen Coonan, has accused banks of “arrogant indifference” to risk and “appalling” treatment of customers after being inundated with 5900 complaints a month.


Ms Coonan also put financial institutions on notice that the Australian Financial Complaints Authority (AFCA) would not look kindly on attempts to resolve disputes by mounting arguments that were technically legal, but not in the best interests of customers.


Helen Coonan says AFCA is playing an important part in restoring shattered community trust and confidence in the financial services sector.

Helen Coonan says AFCA “is playing an important part in restoring shattered community trust and confidence in the financial services sector”.Credit:Louie Douvis


AFCA received 35,000 complaints in its first six months, awarded customers $83 million in compensation and identified 85 cases of “systemic” risk, where an issue is likely to affect a class of people beyond the original complainants.


Community trust in the sector had been “shattered”, with financial institutions causing “despair and hopelessness in many broken lives and broken businesses”, Ms Coonan said in a speech to a private trustees-only event at the Committee for Economic Development of Australia.


Article source: https://www.smh.com.au/world/asia/we-can-t-engineer-a-way-out-of-the-cramped-hell-of-bangladesh-camps-20180420-p4zars.html?utm_medium=rss&utm_source=rss_world

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