AFCA

Policy & Regulation

AFCA unveils strategy, brand ahead of launch

The new ombudsman vows to “proactively work with consumers, small business and the financial services sector to resolve and reduce financial disputes”....

Policy & Regulation

Work ahead to transition to AFCA

The Fold Legal has warned that transitioning to the Australian Financial Complaints Authority will involve “much work” for Australian Financial Services Licensees....

Policy & Regulation

Super funds drag feet on joining AFCA

Most financial planning groups may have signed up with the new Australian Financial Complaints Authority, but superannuation funds appear to be dragging their feet....

Policy & Regulation

ASIC gives AFCA rules tick of approval

The Australian Securities and Investments Commission has approved the Australian Financial Complaints Authority’s Complaint Resolution Scheme Rules. ...

Financial planning

Don’t make planners pay for super complaints, says AFA

The Association of Financial Advisers has warned of a likely upsurge in super complaints out of the Royal Commission and the possibility that the financial planning indus...

Policy & Regulation

Industry funds refuse to fund planner complaints

Industry superannuation fund body, the Australian Institute of Superannuation Trustees, has told the Australian Financial Complaints Authority that super fund monies shou...

Policy & Regulation

AFCA will start with 550 staff on board

The new Australian Financial Complaints Authority will kick off with a staff of around 550 people with the industry providing funding based on an APRA-style levy....

Financial planning

AFA warns on likely higher PI premiums

The Association of Financial Advisers has warned that the new Australian Financial Complaints Authority regime is likely to drive up professional indemnity insurance prem...

Policy & Regulation

ASIC releases guidance ahead of AFCA regime

The regulator has released new guidance in advance of AFCA’s commencement to provide policy certainty for stakeholders and to support the transition to the new regime....

People & Products

David Locke named new AFCA chief ombudsman, CEO

Australian Charities and Not-for-Profits Commission assistant commissioner David Locke has been named as the new chief ombudsman and CEO of the Australian Financial Compl...

Financial planning

AFCA decisions should be open to review and revision

The Association of Financial Advisers has argued that decisions by the newly-established Australian Financial Complaints Authority should be capable of both review and re...

Policy & Regulation

ASIC gives financial firms AFCA transition relief

The regulator has said it would give financial firms, including super trustees, until 1 July 2019 to update mandatory disclosure documents and periodic statements with th...

Policy & Regulation

Inaugural AFCA board announced

Sydney-based planner, Claire Mackay has been included in the inaugural board of the new Australian Financial Complaints Authority....

Financial planning

Turnbull admits Royal Commission misjudgement

The Prime Minister, Malcolm Turnbull has admitted to making a political mistake in not acting sooner to call the Royal Commission into Misconduct in the Banking, Superann...

Policy & Regulation

Don’t let AFCA name and shame says ASFA

The Australian Securities and Investments Commission has been urged not to allow the newly-formed Australian Financial Complaints Authority to name and shame relatively l...