Financial complaints surge by 97,000 in past year as higher living costs fuel disputes

There's been a massive rise in consumer complaints about financial firms fueled by pressures from rising interest rates and high inflation. The Australian Financial Complaints Authority received a record 97,000 disputes over the past year many relating to banks, insurance companies, buy-now-pay-later products and the daily scourge of scams from cybercrimals. I speak with AFCA chief executive and chief Ombudsman David Locke who says financial firms need to do a better job in dealing with distressed customers. Reporter: Senior Business Correspondent Peter Ryan Featured: David Locke, chief executive, Austrlaian Financial Complaints Authority