23 September 2020 | AtoZ Markets – Covid-19 has created many new and complex questions about fairness in the financial market. So far, the 2020 financial markets have seen an increase in complaints related to Covid-19.
Many financial services providers were able to get up and running quickly after a lockdown. However, some companies still struggling to manage normal operations hour. The disruption of operations has also delayed the response of financial firms' complaints.
The coronavirus pandemic is affecting the lives of people across Australia. However, AFCA is working to resolve complaints from financial institutions. AFCA is Australia's non-governmental dispute resolution scheme for responding to complaints of financial firms.
Today, AFCA has updated its Datacube which covering information about all financial complaints filed from 1 July 2019 to 30 June 2020. The AFCA Datacube is an online reporting tool which provides data about the issues, types and outcomes of financial complaints. It also allows comparing complaints of financial firm side-by-side.
According to the AFCA Datacube, IFS Markets is at the top of the list of forex dealers with the most complaints, followed by USGFX, and TransferWise Ltd. AFCA received a total of 166 complaints regarding IFS Markets and yet resolved none. The complaints USGFX is 158 and resolved 62.
However, compared with those two firms, TransferWise triggered less complains, only 32 and resolved 6. OzForex Limited, Vantage Global Prime, and Tf Global Markets are at 4th, 5th, and 6th, with 19, 13, and 10 complaints, respectively.
AFCA's CEO and Chief Ombudsman David Locke said: "Where consumers are in financial difficulty and have been unable to reach an agreement with the lender themselves, they can bring the matter to AFCA who may be able to assist in resolving the impasse."
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