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AFCA
People & Products
The Compensation Scheme of Last Resort’s transitional board has appointed its first chief executive alongside a non-executive director in the lead up to its scheduled com...
Financial planning
An AFCA determination may be binding, but there is an alternative way for financial advisers to progress if they disagree with an outcome. ...
Financial planning
NextGen Financial Group has formally entered into liquidation after losing a Federal Court case regarding an unpaid $270,000 Australian Financial Complaints Authority det...
Financial planning
Advisers “live in fear of the next black swan event”, according to FAAA general manager Phil Anderson, as they anticipate the start of the Compensation Scheme of Last Res...
Financial planning
AFCA has confirmed to Money Management when it will start issuing determinations on Dixon Advisory complaints with a view to the Compensation Scheme of Last Resort’s intr...
Financial planning
As the Australian Financial Complaints Authority reaches five years of operation, chief ombudsman David Locke has recognised the majority of financial firm members are n...
Financial planning
E&P Financial Group has settled a class action related to Dixon Advisory for $16 million as Senator Andrew Bragg questions why the taxpayer should foot the bill for consu...
People & Products
The Australian Financial Complaints Authority has appointed new directors as two founding directors step down after five years, including a financial adviser....
Superannuation
In a letter addressed to Minister Stephen Jones, Senator Andrew Bragg has asked for a clear timeline for action on addressing super complaints regarding delays in death b...
Financial planning
The Australian Financial Complaints Authority has opened a consultation into how it determines compensation for complaints involving financial advisers....
Financial planning
If all the 1,851 complaints of losses made to AFCA about Dixon Advisory were paid out, it would total $357 million, the organisation said, but it is yet to issue any form...
Financial planning
Two investment firms have made up almost half of investment and advice complaints as AFCA reports a rise of 589 per cent in complaints about inappropriate advice during F...
People & Products
AFCA has welcomed a new board director as the director who has served on the board since AFCA’s origination in 2018 steps down....
Financial planning
Investment and advice complaints have seen a 51 per cent increase in the last financial year, largely attributed to complaints against Dixon Advisory and Best Leader Mark...
Financial planning
NextGen Financial Group has been ordered by the Federal Court to pay $270,000 to an SMSF trustee over an unpaid AFCA determination regarding inappropriate financial advic...
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So we are now underwriting criminal scams?...
Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...
Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...