Spotlight on AFCA Systemic

Industry insights and emerging trends

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About Systemic Issues at AFCA

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Spotlight Issues

See all Spotlight Issues

Small business financial difficulty applications are on the rise

What we are seeing?

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Sample Spotlight Issue

What we are seeing?

Small business financial difficulty

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Sample Spotlight Issue

Insights Report

Quarters 1 and 2 | Financial year 2023–24 | Edition 4

Summary of outcomes delivered

Identified and investigated systemic issues resulting in remediation to 139,011 consumers
Conducted 111 detailed possible systemic issues investigations (with some investigations being ongoing)
$ m +
$40,403,251.46 in refunds were made to consumers
Resolved 43 systemic issues with financial firms
In addition to the $40 million in refunds, other outcomes for consumers included:
Outcome: Provided revised disclosure to consumers about trading limits on their trading accounts, ensuring they are consistent with the operation of the trading platform.
Outcome: TWO: Provided revised disclosure to consumers about trading limits on their trading accounts, ensuring they are consistent with the operation of the trading platform. TWO: Provided revised disclosure to consumers about trading limits on their trading accounts, ensuring they are consistent with the operation of the trading platform.

Reporting to regulators

matters reported in the first half of financial year 23–24
systemic issues reported
other matters reported (referrable under section 1052E of the Corporations 
Act 2001 (Cth))

Systemic issues across industry sectors

The number of systemic issues identified and confirmed across industry sectors.

Total reports to regulators in the first half of financial year 23-24

The total number of reports made in the first half of the financial year including systemic issues and other matters reported, with some reports provided to more than one regulator.

93 Referrals to ASIC
47 Referrals to APRA
8 Referrals to other regulators (such as OAIC, ATO)
Download our quarterly 
Systemic Issues Insight Report
Download the report
View previous reports

Industry Insights

Common systemic issues across
industry sectors

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Current Reporting Period:

1 July 2023 –
31 December 2023

Banking and finance

Common systemic issues
  • Compliance with Regulatory Guide 271: Internal Dispute Resolution
  • AFCA engagement: Collection activity during open AFCA complaints
  • Dealing with third party representatives
  • Failure of an automated system causing an error
  • Dealing with scams including elements of prevention, investigation, recovery and communications.

Another case study

Banking and finance

Another case study short description Read Case Study

“Digital first” model makes IDR processes less accessible

Banking and finance

Financial firm had 65 internal dispute resolution (IDR) complaints about this issue, but had not identified it as a systemic issue. Read Case Study

Consumers impacted

714

Financial remediation

$51,597

General Insurance

Common systemic issues

Life Insurance

Common systemic issues
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“Digital first” model makes IDR processes less accessible

Banking and finance

Financial firm had 65 internal dispute resolution (IDR) complaints about this issue, but had not identified it as a systemic issue. Read Case Study

Consumers impacted

714

Financial remediation

$51,597

Another case study

Banking and finance

Another case study short description Read Case Study

Investments and advice

Common systemic issues

Superannuation

Common systemic issues

Best Practice

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Take note

Where a firm has identified a systemic issue, it is important that proper analysis is undertaken to understand the root cause and the scope of the impact. Any proposed solutions should effectively address the issue. System fixes also need adequate testing prior to release to ensure the fix will address the issue and prevent it from continuing.