Financial complaints watchdog recovers $185m for ripped off consumers, banks and insurers dominate gripes

The Australian Financial Complaints Authority has clawed back $185 million over the past year for consumers ripped off by banks, credit card companies and insurance companies.

Since last November at the height of the banking royal commission, the watchdog has seen consumer gripes surge by 40 percent to more than 73,272. 

While out of the regulator's scope, chief executive David Locke tells ABC's Peter Ryan he's dismayed at the worker underpayment scandal at Woolworths as the government considers criminal sanctions for companies that rip off staff.