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COMPLAINTS
Financial planning
The 2023–24 financial year saw over 105,000 financial complaints filed to AFCA, with its chief ombudsman expressing disappointment in the 9 per cent year-on-year rise....
Financial planning
The Australian Financial Complaints Authority has confirmed that Dixon Advisory is no longer a member, with some 2,773 complaints having been received by the expulsion da...
Financial planning
The board of AFCA has appointed Professor John Pollaers for a second three-year term....
Financial planning
Dixon Advisory is to be expelled by the Australian Financial Complaints Authority, preventing any new complaints being made against the firm....
Financial planning
Phil Anderson, general manager for financial advice at the FAAA, believes the CSLR levy could reach $100 million if Dixon Advisory complaints are allowed to continue. ...
Financial planning
Wealth Data’s Colin Williams believes the idea of four financial advice firms failing per year, as put forward in CSLR estimates, is too low an estimate....
Financial planning
AFCA has appointed a senior ombudsman specifically to specialise in Compensation Scheme of Last Resort complaints, with the scheme set to come into force on 2 April. ...
Financial planning
AFCA has already received almost 70,000 complaints since the start of the financial year, and chief executive David Locke has warned this sustained high growth shows the ...
Financial planning
A complex series of factors can cause financial advisers to get caught up in professional indemnity insurance claims – Numerisk’s Richard Silberman shares how to avoid su...
Financial planning
Money Management explores which actions the Financial Services and Credit Panel is taking when it considers the outcomes of cases. ...
Financial planning
AFCA has identified a systemic issue in the investments and advice space, with the case needing to be referred to ASIC due to the firm’s lack of engagement or remediation...
Financial planning
All eyes are now on ASIC as licensees await how the regulator will use the internal dispute resolution regime data submitted as the deadline is reached....
Financial planning
It may be licensees’ responsibility to report internal dispute resolution regime data to ASIC next month, but they are reminding their advisers of the importance of keepi...
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 estimated sum for the initial Compensation Scheme of Last Resort levy has been calculated, with the regime expected to start receiving claims in April....
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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...