AUSTRALIANS lodged a record 119,949 complaints against financial firms in 2025-26 as cost-of-living pressures, investment collapses and superannuation disputes took their toll.
The Australian Financial Complaints Authority (AFCA) said it was the third consecutive year complaints had exceeded 100,000.
Banking and finance remained the largest source, recording 66,971 complaints, up 23 per cent.
Financial hardship complaints increased 17 per cent, while credit reporting disputes jumped 22 per cent.
AFCA Chief Customer Officer Deborah Jenkins said the figures highlighted the pressures facing consumers in an uncertain economic environment.
“Every complaint represents someone’s experience, and collectively they provide a view of where consumers are struggling,” she said.
Superannuation recorded one of the sharpest increases, with complaints surging 42 per cent to 8,755. Complaints over rejected superannuation insurance claims rose 82 per cent.
Investment and financial advice complaints climbed 56 per cent to 6,542, largely driven by the collapses of the Shield Master Fund and First Guardian.
Scam complaints also rose 12 per cent to 6,706, reversing a decline the previous year.
General insurance generated 36,022 complaints, up 5 per cent, with comprehensive vehicle insurance again the most complained-about insurance product. Complaints about rejected claims increased 47 per cent.
Across all financial products, personal transaction accounts, motor vehicle insurance and credit cards attracted the most complaints.
The most common issues were delays in handling claims, service quality and rejected claims.
Since beginning operations in 2018, AFCA has received about 690,000 complaints and helped secure $2.6 billion in compensation or refunds for consumers and small businesses. More details via
