Financial advisers only make up 1.4% of complaints to the Australian Financial Complaints Authority (AFCA), with the average compensation being $20,000.
Of the 72,700 complaints received last year, 40% were for credit, 24% for general insurance, 12% deposit taking, 8% for superannuation, 7% for payment systems.
For investments and advice, that was 6%, but that included foreign exchange and managed investment schemes.
Life insurance similarly accounted for a low amount of cases – 2% overall.
Speaking to a Senate Committee, David Locke, AFCA chief executive and chief ombudsman, said it had received 997 complaints in total in the last 12 months.
“The number of complaints with get with regard to financial advisers is actually quite low,” Locke said.
