The Australian Financial Complaints Authority (AFCA) has received over 3180 COVID-19 related financial complaints since the coronavirus (COVID-19) was declared a pandemic in March.
Speaking to members at an online forum on Tuesday, Chief Operating Officer Justin Untersteiner revealed the COVID-19 related complaints included 1430 banking and finance complaints (with 680 of these relating to financial difficulty), 1070 general insurance complaints, and 610 superannuation complaints.
A majority of these complaints have been about loan break costs, disputed transactions, requests to extend payment terms, denial of travel insurance claims, as well as delays in early release of superannuation.
Mr Untersteiner urged financial firms to provide early, proactive communication with consumers following an increase in complaints relating to COVID-19.
“Many of these complaints result from poor communication, where a consumer has trouble contacting their firm, does not understand their policy, or is confused about the information they receive,” he said.