Comparative reporting of data related to complaints against financial service providers will empower consumers to make informed decisions about where to take their business.
Consumer Action Law Centre and Financial Rights Legal Centre support proposed AFCA arrangements for comparative reporting of complaint data. This data should be searchable by business or trader name and laid out in a form that is easy to understand, with definitions for industry jargon and headings. It should also be available indefinitely on AFCA’s website.
Making complaint data accessible by consumers, consumer advocates and other stakeholders will provide a more complete picture about financial service providers and enhance public accountability.