Preparing financially
How to complain about a lender, broker or insurer
A free, independent dispute resolution scheme exists for exactly this — what to do before and after raising an internal complaint.
Key points
- Start with the firm's own internal dispute resolution process.
- The Australian Financial Complaints Authority (AFCA) provides free, independent external dispute resolution if that doesn't resolve the issue.
- AFCA covers banks, brokers, insurers and most other financial firms.
Start with the lender, broker or insurer directly
Every lender, broker and insurer has an internal dispute resolution process — raising a formal complaint directly with them is generally the first step, and they're required to respond within a set timeframe.
The Australian Financial Complaints Authority
If a direct complaint doesn't resolve the issue, the Australian Financial Complaints Authority (AFCA) provides a free, independent external dispute resolution service covering banks, brokers, insurers and most other financial firms — a genuine alternative to going to court for most disputes of this kind.
Common mistake: assuming a dispute with a lender or broker has no real recourse beyond accepting their initial response. AFCA exists specifically for situations like this, at no cost to the consumer.
Practical checklist
If you have a complaint
- Raise a formal complaint directly with the firm first, in writing
- Keep records of every communication and response
- Escalate to AFCA if the internal process doesn't resolve the issue within a reasonable time
Questions for a professional
- What is your internal dispute resolution timeframe for a complaint like this?
Official resources
Important limitations: This is general education about the complaints process, not advice on the merits of any specific dispute.