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COMPENSATION
Financial planning
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?...
Financial planning
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 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
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
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
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
While acknowledging the importance of an effective compensation scheme, the Financial Planning Association of Australia has highlighted its concerns around the legislatio...
Financial planning
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
In its 2023-24 pre-Budget submission, the FPA has suggested two amendments which could improve the working situation for financial advisers. ...
Financial planning
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
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
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
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
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
Australian Executor Trustees is expected to be ordered to pay $80 million in compensation plus costs to victims of the SEAS Sapfor forestry scheme. ...
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MARKET INSIGHTS
Podcast
So we are now underwriting criminal scams?...
Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...
Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...