On 23 October we released our 2012-2013 Annual Review and Comparative Tables.
The figures show that almost half (49%) of all accepted disputes last year were about credit products, with home loans, credit cards and personal loans being the most common type of credit product to cause complaints.
After four years of continual increase, we saw a welcome drop in dispute numbers during 2012-2013. We have attributed much of this drop to a 22% reduction in financial difficulty disputes, which appears to be the result of improvements many financial services providers have made to their financial hardship programs following the changes introduced under the 2010 National Credit Code. We also saw a big reduction in the number of natural disaster disputes, thanks in large part to the much greater number of people who now have insurance that covers flood following recent legislative changes.
Other community factors, such as reduced payment pressures on Australian borrowers because of lower interest rates and the declining effects of the Global Financial Crisis (GFC), have also probably influenced our dispute numbers.
You can read our 2012-2013 Annual Review and Comparative Tables at www.fos.org.au/annualreview