The Australian Financial Complaints Authority (AFCA) has launched Datacube, a new online tool allowing Australians to see how financial firms are handling complaints.
The tool would allow people to view how complaints from financial firms including insurers, banks, financial advisers and superannuation funds were responding to consumer complaints brought by AFCA.
Information included the number of complaints received, how long it took each member firm to resolve complaints, the number of times they didn’t respond to complaints, as a well as a side-by-side firm comparison.
David Locke, AFCA chief executive and chief ombudsman, said Datacube provided a deeper level of detail about the issues and products consumers and small business are complaining to them about, and anyone can use it.
“This data, and the level of detail that consumers can see about each firm, will also support the work of policy makers and researchers,” Locke said.
“For financial firms themselves they can clearly see how they are tracking at handling complaints and how this compares to others in the market.”
Datacube contains AFCA’s data between 30 June, 2019, to 1 November, 2019, and would be updated every six months.
“We want to allow both consumers and our members access to the most recent data possible and are working to release the next update to this tool in January 2020,” Locke said.