compensation

Financial planning

CSLR identifies recurring financial advice complaints

The Compensation Scheme of Last Resort says it has received over 200 claims for compensation relating to personal financial advice since its inception and detailed the sp...

Financial planning

ASIC applies for Keystone liquidation

ASIC has applied for Keystone to be liquidated rather than wound up, as the Federal Court requests a report detailing the potential returns for any victims who have suffe...

Financial planning

AFCA ups compensation cap for investment and advice complaints

Advisers could find themselves facing a larger bill this year if they receive an investments and advice complaint as AFCA updates its monetary rules and compensation cap ...

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

Advisers expectant of risk suitability backlash

A survey of Australian wealth managers has revealed fears around clients making compensation claims after failing to understand their risk suitability, with firms expecti...

Financial planning

FPA voices reservations about proposed CSLR and FAR legislation

While acknowledging the importance of an effective compensation scheme, the Financial Planning Association of Australia has highlighted its concerns around the legislatio...

Financial planning

Progress made on CSLR development

The implementation of a Compensation Scheme of Last Resort has moved another step closer after the Bill was introduced to Parliament with Australia’s 10 largest banks and...

Financial planning

FPA makes two key pre-Budget advice recommendations

In its 2023-24 pre-Budget submission, the FPA has suggested two amendments which could improve the working situation for financial advisers. ...

Financial planning

CSLR - is the cure worse than the disease?

The post-election Government will need to ensure the Compensation Scheme of Last Resort does not cost more to run than the amounts of compensation involved, according to ...

Financial planning

Compensation for advice misconduct reaches $3.1b

The Big Four banks, AMP and Macquarie have paid or offered a total of $3.1 billion in compensation to customers who suffered loss or detriment because of fees for no serv...

Financial planning

The CSLR cap falls short for Sterling victims

A survey conducted by the Sterling Action Group shows that 66% of victims of the collapse of the Sterling Group suffered losses greater than the proposed $150,000 compens...

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...

Financial planning

Fee-for-no-service bulk of compensation

Compensation paid by the six largest banking and financial services institutions for fee-for-no-service and non-compliant advice is at $749.7 million, according to the co...

Policy & Regulation

SEAS Sapfor victims to be compensated $80 million

Australian Executor Trustees is expected to be ordered to pay $80 million in compensation plus costs to victims of the SEAS Sapfor forestry scheme. ...