- April 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Complaint lodged with AFCA
Have you lodged a complaint with AFCA regarding your bank’s incompetence and negligence in finalizing paperwork? It seems like you have experienced frustration and delays, with constant issues such as missing files or unavailable personnel. This situation has caused unnecessary stress and inconvenience for you as a customer.
The bank has acknowledged their fault and labeled it as a “non-financial loss,” proposing a small resolution amount if you close the complaint. However, you are unsure about the potential outcome from AFCA and whether the offered amount is fair.
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****** just grabbed a
What was the impact to you from the delay? Anyone would need a lot more information to give you any decent advice.
You’ve provided no info on what happened and haven’t advised how much they offered you… And you’d like us to tell you whether the amount offered to you is reasonable given what happened??
Seriously?
The bar set by AFCA is quite high for non financial loss (I have been through the AFCA process recently) I doubt you will get anywhere near the $5000 for delayed access to an estate account
So $10?
If you lodged the AFCA complaint a few months or more ago, the maximum non-financial loss is $5,400. If lodged very recently, this has gone up to $6,300. Non financial loss is essentially an ex gratia payment (in good faith payment) for the bank causing undue stress due to things like “delays”.
In order to assess what the dispute is worth at AFCA, you’d need to consider the length of delay and whether they breached any legislative timeframes or service level agreements as set out in a product disclosure statement as well as the impact it had on you.
That top figure of $5,400 is reserved for extreme cases (ie 2022 flood claims where the repair delays stemmed from poor workmanship and are still ongoing now).
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AFCA publishes a document called ‘The AFCA Approach to non-financial loss claims’ [https://www.afca.org.au/media/335/download](https://www.afca.org.au/media/335/download)
Depending on what distress and/or indirect losses you suffered you could get some idea from the case studies – though admittedly they are not terribly consistent but could be useful in negotiating with the bank. A six month delay to resolve estate matters and some financial impact could be worth about $500-1000 maybe? From what you’ve posted so far the maximum doesn’t seem likely.