AFCA

Financial planning

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...

Financial planning

Advisers should not be relied on to fund CSLR

As they make up only a fraction of complaints to the Australian Financial Complaints Authority, advisers should not be relied on to fund the compensation scheme of last r...

Financial planning

Adviser complaints around 1% of AFCA total

Financial advisers only make up around 1.4% of complaints to the Australian Financial Complaints Authority, while life insurance is around 2%....

People & Products

LCCC names new chair

Jan McClelland has been jointly appointed to chair the Life Code Compliance Committee by the Financial Services Council and the Australian Financial Complaints Authority....

People & Products

AFCA appoints two lead ombudsmen

Emma Curtis has been appointed as lead ombudsman for insurance and Suanne Russell as lead ombudsman for small business....

People & Products

Academic appointed as new AFCA chair

The Federal Government has appointed Swinburne University Chancellor, Professor John Pollaers as the new chairman of AFCA succeeding former Liberal minister, Helen Coonan...

Financial planning

Treasury urged to investigate AFCA ‘coaching’

Financial advisers distrust the Australian Financial Complaints Authority because it is perceived to have ‘coached’ complainants and Treasury is being urged to investigat...

Financial planning

AFCA panel's $30,000 lookback fee

An Australian Financial Complaints Authority review of a lookback complaint resulted in a fee of nearly $30,000....

Financial planning

Planning file notes ‘solid gold’ against disputes

Detailed file notes are one of the biggest factors that can help defend financial planners against complaints and planners need to be innovative when managing their recor...

Policy & Regulation

ASIC moves to penalise firm for AFCA failing

Proceedings have commenced against Lightspeed Finance and its director, Mark Fitzpatrick, over failure to comply with Australian Financial Complaints Authority determinat...

Financial planning

AFCA's inbuilt moral hazard for financial advisers

Frivolous and vexatious consumers should be made to pay for their persistent use of the Australian Financial Complaints Authority against advisers, according to the Finan...

Financial planning

Has AFCA grown beyond its mandate?

The Federal Treasury has been told that in circumstances where the Australian Financial Complaints Authority is hearing matters involving wholesale clients and can make b...

Financial planning

Get AFCA out of ongoing investigations says FPA

The Australian Financial Complaints Authority should have no involvement in ongoing investigations into systemic issues and should cede the role to ASIC, according to the...

Policy & Regulation

How much use is an AFCA review without discussion of broader costs?

The Federal Government has acted to initiate the scheduled review of the Australian Financial Complaints Authority but its terms of reference will not specifically touch ...