Interesting data released by AFCA for the FY2020 period

The mainstream media love to bash the Mortgage Brokers, and why not, they are an easy group to bash and they dont provide the same level of advertising revenue that the Banks are able to afford. Brokers Bad... Banks Good. 

The Royal Commission into the "Misconduct" in Banking also had a sideshow moment where Brokers were effectively thrown under a bus and vilified. The mainstream media had a field day painting brokers as untrustworthy and even lazy! Yet when reached to verify or correct these statements, the usual reply from the investigative journalists were along the lines of: "we report on what was provided as evidence during the Royal Commission only". Those kind of answers were not exactly "investigative" IMHO and as far as I can see, was fairly weak as justification.

However, if you jump onto the AFCA (Australian Financial Complaints Authority) website, the data shows a different story.

Mortgage Brokers had 71 complaints progressed, compared to 20,921 complaints progressed for the Banking and Finance sector during FY2020.

That accounts for 0.3% of all complaints. So maybe this is a case of Brokers - Good ... Banks - Bad?
 
Keep up the great work Mortgage Brokers!
 
 
 
Complaints againts Mortgage Brokers 
 
 
 
Complaints across the Banking and Finance sector
 
 
 

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