AFCA

Policy & Regulation

The Government has committed to paying unpaid Financial Ombudsman Service determinations impacting consumers and small businesses up to $30.7 million....

Policy & Regulation

ASIC cancels accounting firm licenses

The Australian Securities and Investments Commission has broken new ground cancelling the licenses of two accounting firms for failing to obtain membership of the Austral...

Policy & Regulation

AFCA gives consumer groups key input

The Australian Financial Complaints Authority has established a Consumer Advisory Consumer panel led by a former board member of the Consumer Action Law Centre....

Financial planning

Can small, self-licensed firms afford adequate PI insurance?

Professional indemnity insurance premiums are rising because fewer insurers are participating in the market and questions are being asked about whether small, self-licens...

Policy & Regulation

AFCA empowered to deal with historic complaints

The Government has empowered the Australian Financial Complaints Authority to deal with complaints dating back to 1 January, 2008....

Superannuation

RC’s last resort scheme is a win for SMSFs

The recommendation from the Royal commission to introduce a last resort compensation scheme for consumers suffering a financial loss from advice failures is a win for SMS...

Policy & Regulation

O’Dwyer to leave politics

The minister under whose watch much of the current workload of the financial services industry was generated, Kelly O’Dwyer, has announced her exit from politics at the n...

Financial planning

Planners account for 52% of unpaid EDR determinations

The new Australian Financial Complaints Authority has called for a last resort compensation scheme while citing $16 million in unpaid determinations, 52 per cent of which...

Financial planning

AFCA inundated with complaints

The Australian Financial Complaints Authority reported it received over 13,000 phone enquiries in its first month of operation. ...

Policy & Regulation

New calls for last resort compensation scheme

Rather than increasing funding to the regulators the Government should be pursuing a last resort compensation scheme, according to the Victims of Financial Fraud group....

Policy & Regulation

ASIC cancels Financial Circle’s licence

The Australian Securities and Investments Commission has cancelled the Australian financial services licence and credit licence of Financial Circle....

Financial planning

AFCA names and shames 231 financial firms

The Australian Financial Complaints Authority has publicly listed 231 financial firms potentially in breach of their licensing obligations....

Financial planning

ASIC warns on AFCA membership late fees

Financial firms who are members of the Australian Financial Complaints Authority must notify the Australian Securities and Investments Commission of their membership by t...

Policy & Regulation

ASIC will not ignore ‘lawful’ behaviour

The Australian Securities and Investments Commission has declared that just because behaviour is lawful does not make it an excuse where consumer detriment is concerned....

Policy & Regulation

ASIC warning to AFCA laggards

The Australian Securities and Investments Commission has issued a warning as credit representatives appear to be lagging on their obligations to join the Australian Finan...