AFCA

Policy & Regulation

ASIC oversight needed to reduce unpaid determination risk

Greater oversight from the corporate regulator of financial and compensation arrangements will reduce unpaid determination risk and ensure the CSLR operates as a genuine ...

Financial planning

Expand CSLR to AFCA: FPA

The compensation scheme of last resort should be expanded to include the jurisdiction of the complaints authority, not retrospectively, according to the Financial Plannin...

Financial planning

How to put AFCA ‘out of business’

The complaints authority has outlined the key points advisers should be aware of to defend themselves when it comes to client complaints....

Financial planning

Advisers could face more costs under AFCA recommendations

The first review of the Australian Financial Complaints Authority has made 13 recommendations for its improvements but acknowledged these may result in increased costs fo...

Life/Risk

Average life insurance complaint handling time almost doubles

While only making up 2% of total complaints received by the Australian Financial Complaints Authority, life insurance complaint handling time has almost doubled in two ye...

Financial planning

Advice complaints on a downward trend: AFCA

Already making up a fraction of complaints, complaints about advisers have fallen 33% in the 2021/22 financial year so far, according to the Australian Financial Complain...

Financial planning

AFCA examines possibilities for fairer funding model

The Australian Financial Complaints Authority is examining fees and funding ahead of the findings from an independent review and how it can treat smaller firms more fairl...

Life/Risk

Complaints data further highlight income protection issues

Income protection complaints accounted for the most complaints in regards to life insurance during FY2020-21, especially when it came to the calculation of benefits for b...

Financial planning

CSLR delay pauses adviser complaint progress

A significant number of complaints made to the Australian Financial Complaints Authority have been paused due to the delay in the compensation scheme of last resort legis...

Policy & Regulation

Consumer groups join industries bodies in CSLR opposition

Eight consumer groups have united with eight industry bodies in opposition to the compensation scheme of last resort (CSLR) legislation in its current form....

Financial planning

Advisers unlikely to be ruled against in ‘know your client’ complaint

There is a strong likelihood that complaints regarding inappropriate advice will be resolved by agreement rather than a decision against the advisers, according to the Au...

Financial planning

Less than one-in-three chance of defending 'know your client' complaint

Failing to ensure clients understand risk profile questionnaires can mean advisers fail the ‘know your client’ obligation and leave them open to a complaint with only a 3...

Financial planning

Existing clients the missing voice in advice regulation

Existing clients should be asked whether they see value in financial advice reforms and whether they are happy to be paying more for those protections, the Association of...

Financial planning

AFCA praises advisers for compliance

As industry organisations face Parliament to argue against rising regulatory levies, the Australian Financial Complaints Authority has praised financial advisers for rece...

Policy & Regulation

Advisers need to avoid regulator 'radar'

Financial advisers need to make sure all their new regulatory requirements are in place by October to avoid any scrutiny from the regulators, even if they aren’t receivin...