AFCA

Financial planning

CSLR passing brings hope for DASS victims

The Australian Financial Complaints Authority will begin reviewing the status of paused complaints, including around 1,700 related to Dixon Advisory, now that Parliament ...

Policy & Regulation

CSLR passes Parliament

The Compensation Scheme of Last Resort legislation has passed in Parliament today, having first been raised back in 2016....

Financial planning

ASIC accepts court enforceable undertaking from former Capstone adviser

ASIC has accepted a court enforceable undertaking from a former Capstone authorised representative for failing to keep up-to-date records....

Financial planning

FSCP publishes first adviser misconduct verdict

Single disciplinary body the Financial Services and Credit Panel has published its first outcome, relating to an adviser who impersonated a client on the phone....

Financial planning

Advice complaints on the decline but ‘getting more complex’: AFCA

Monthly complaints have fallen, but they could rise again by opening the scope of advice to other providers, according to AFCA lead ombudsman for investments and advice S...

Financial planning

Over 17,000 AFCA complaints received during the pandemic

Since 11 March 2020, the financial services ombudsman has registered over 17,000 COVID-related complaints relating to banking, insurance and other financial services....

Financial planning

Less than 1% of Dixon Advisory complaints have progressed

Hundreds of consumers with Dixon Advisory complaints are still waiting for updates months later as AFCA awaits the introduction of the Compensation Scheme of Last Resort ...

People & Products

Former ACCC deputy chair joins Ecstra Foundation board

Delia Rickard, who spent over a decade at the ACCC and had previously been a senior executive at ASIC, has joined the board of the financial wellbeing organisation. ...

Financial planning

AFCA’s complaints resolution scheme passes $1bn mark

The financial services ombudsman has secured $1 billion in compensation and refunds for consumers since 2018 and is on track to receive close to 100,000 complaints this f...

Financial planning

How to reduce the risk of an AFCA ruling

The complaints authority has shared a way that an advice firm can improve their chances of a case being ruled in their favour or of paying a significantly lower compensat...

Financial planning

AFCA backs CSLR amidst rising volume of complaints

The Australian Financial Complaints Authority has addressed the Independent Review’s recommendations and pushed for greater internal dispute resolution....

Financial planning

E&P updates on impact of DASS failure

Expenses incurred by responding to the failure of Dixon Advisory and Superannuation Services has caused total revenue at E&P Financial Group to decline by 15%....

Financial planning

AFCA secures $900m for consumers in four years

The financial complaints authority said it has received 200 complaints on average every day since 2018 but financial advice does not feature among top complaints....

Policy & Regulation

ASIC bans director for failure to pay AFCA determinations

ASIC has banned a Sydney director for three years after he tried to approach determinations by the Australian Financial Complaints Authority, including for inappropriate ...

Funds management

ASIC’s Dixon Advisory complaints call demonstrates need for broad-based CSLR

The corporate regulator’s call for former Dixon Advisory clients to register any complaints with AFCA demonstrates the need for establishing a broad-based Compensation Sc...