Banking ombudsman swamped by public

The Australian Financial Complaints Authority is sifting through “a deluge” of complaints resulting from last year's financial services royal commission. The ACFA has logged 35,263 complaints since November, with 67% related to the four big banks. The watchdog now anticipates receiving 80,000 grievances within its first year, which is almost double the combined average of previous state financial ombudsman. The majority of gripes filed against banks relate to “misleading conduct, processing errors, poor complaints handling and the conduct of employees.”