Funding for FOS challenges canvassed
The Association of Independently-owned Financial Planners (AIOFP) has canvassed putting in place a funding and oversight mechanism for members dealing with the Financial Ombudsman Service (FOS).
The move was flagged at the association's annual conference in Adelaide and is understood to have been prompted by a number of recent decisions handed down by FOS and the failure of a recent appeal in the West Australian Supreme Court.
It is understood that under the AIOFP approach, members would contribute to a fund which would then, subject to review by a panel, be utilised to support members confronted by adverse FOS findings.
Money Management understands the concept was developed on the basis of similar support arrangements being put in place for police officers via police associations.
The concept is expected to be considered by the AIOFP board.
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.