Australian Financial Complaints Authority

AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY

Financial planning

AFCA complaints surpass 100k in 2023

AFCA’s chief ombudsman David Locke has stated the magnitude of complaints received by the body is growing at an “unsustainable rate” and urged companies to improve their ...

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

Senate Economic Legislation’s Committee CSLR will not fully protect investors: FPA

Following the release of the Senate Economic Legislation Committee’s Compensation Scheme of Last Resort report, the Financial Planning Association of Australia is once ag...

Financial planning

Do consumers understand what qualifies as advice?

While financial advisers may understand the difference between general advice and personal advice, this is not always the case for consumers and can lead to a client comp...

Financial planning

Not enough ‘buyer beware’ in financial services

Advisers will not be as disadvantaged as they are when a complaint is made if the corporate watchdog placed more responsibility back on consumers, a financial adviser bel...

Life/Risk

TPD ADL regime up for change

Amid suggestions by the Australian Financial Complaints Authority that the Activities of Daily Living regime is “very tough”, the major insurers have flagged key changes ...

Superannuation

Courts dismiss two appeals against AFCA

Appeals by QSuper and Investors Exchange Limited against the Australian Financial Complaints Authority have been dismissed by the courts as the body has been found to hav...

Financial planning

Who should pay for the new compensation scheme?

It would be reasonable to have all Australian Financial Complaints Authority members pay for and be covered by the new scheme, according to a law firm....

Financial planning

Legacy complaints building towards 1,000

There has been no shortage of consumers and small businesses looking to file legacy complaints with the Australian Financial Complaints Authority, with data suggesting le...

Financial planning

ASIC cancels AFS licence of KP International Group Australia

The Australian Securities and Investments commission has cancelled the Australian financial service licence of KP International Group Australia due to resignation of all ...

Financial planning

AFCA will use FASEA code

The Australian Financial Complaints Authority has said it will take the Financial Adviser Standards and Ethics Authority code of ethics into account in making its determi...

People & Products

AFCA releases complaint tracking tool

Datacube will allow consumers and organisations to track results of complaints against financial firms by the Australian Financial Complaints Authority....

Financial planning

AFCA awards $185m in first year

The authority handled over 70,000 complaints signalling there is more to be done to restore faith in financial services....

Policy & Regulation

If they don’t ask, don’t try and sell says AFCA

The Australian Financial Complaints Authority has called for a radical escalation of the proposed prohibition on unsolicited telephone sales, urging a ban on all unsolici...

Financial planning

Advice businesses who went down owing AFCA

Many of the financial advice businesses named by the Australian Financial Complaints Authority as having failed to pay complaint-related charges are already out of busine...