AFCA

Policy & Regulation

AFCA bans paid representative from lodging complaints

MCR Partners has been banned from lodging complaints under the first invocation of rule 2.2, which excludes complainants represented or assisted by an agent receiving rem...

Editorial

Time to audit and consolidate Financial adviser regulation

Too many Governments have looked for quick fixes where financial adviser regulation is concerned and it is time for an audit and the removal of costly and unnecessary lay...

Superannuation

AFCA hit by super early release complaint surge

The Australian Financial Complaints Authority has been hit by a surge of complaints relating to hardship early release superannuation, with many based on superannuation f...

Policy & Regulation

Two firms see AFS licences cancelled

Two financial services firms have had their licences cancelled by the corporate regulator for failing to submit audited accounts and meet licensee obligations. ...

Policy & Regulation

Regulatory sandbox available from September

The Federal Government is finalising regulations for its enhanced regulatory sandbox for fintech businesses, which will commence from the start of September. ...

Financial planning

Over 3,000 COVID-19 complaints to AFCA

More than 600 complaints were in relation to superannuation and the delays in early release, according to the Australian Financial Complaints Authority....

Life/Risk

TPD ADL regime up for change

Amid suggestions by the Australian Financial Complaints Authority that the Activities of Daily Living regime is “very tough”, the major insurers have flagged key changes ...

Superannuation

Courts dismiss two appeals against AFCA

Appeals by QSuper and Investors Exchange Limited against the Australian Financial Complaints Authority have been dismissed by the courts as the body has been found to hav...

Financial planning

AFCA gives temporary extension for complaints

Financial firms will now have 30 days to respond when the Australian Financial Complaints Authority notifies them of a complaint....

Funds management

AFCA to fast track COVID-19 related complaints

The complaint authority will prioritise complaints relating to COVID-19 and has established a dedicated support hotline...

Policy & Regulation

PI ‘not worth the paper it’s written on’

The Federal Treasury has received yet more warnings that before it embarks on a compensation scheme of last resort it should fix professional indemnity insurance in circu...

Policy & Regulation

Extend compensation scheme to MISs says AFCA

The Australian Financial Complaints Authority wants any new compensation scheme of last resort to cover the whole industry, including Managed Investment Schemes, and to b...

Financial planning

Who should pay for the new compensation scheme?

It would be reasonable to have all Australian Financial Complaints Authority members pay for and be covered by the new scheme, according to a law firm....

Financial planning

AMP offers pro bono advice for bushfire victims

AMP is partnering with its advisers to offer free financial advice to Australians who suffered loss due to the recent bushfires....

Financial planning

Legacy complaints building towards 1,000

There has been no shortage of consumers and small businesses looking to file legacy complaints with the Australian Financial Complaints Authority, with data suggesting le...