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CSLR
Financial planning
There are two areas where Minister for Financial Services, Stephen Jones, has the power to change CSLR without the need for law changes....
Financial planning
The FAAA and AFCA are in disagreement regarding how much of an industry collapse, such as Dixon Advisory, relates to product failure and how much relates to advice. ...
Financial planning
The FAAA is actively exploring and has sought legal advice on how the problem of phoenixing AFSLs can be avoided to prevent the burden falling on the CSLR and the advice ...
Financial planning
An advice AFSL has seen its licence cancelled by ASIC this month for failing to pay an AFCA determination, which was then covered by the CSLR....
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
In an environment of M&A, CA ANZ has stated any company looking to acquire an advice firm should be prepared to bear responsibility for any compensation to aggrieved clie...
Financial planning
Financial advisers are likely to see their next levy for the Compensation Scheme of Last Resort exceed the subsector cap of $20 million....
Financial planning
The fallout from Dixon Advisory and effect on the professional indemnity insurance market could have been far worse, according to Numerisk’s Richard Silberman, if the pro...
Financial planning
A victim of NextGen Financial Group has received a payment from the CSLR after the company's liquidation but the total falls short of their $270k unpaid AFCA determinatio...
Financial planning
The FAAA’s Phil Anderson has said the delisting of E&P Financial Group won’t stop the company coming under scrutiny in the public inquiry....
Financial planning
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AF...
Financial planning
An inquiry is due to probe the collapse of Dixon Advisory and its impact on the Compensation Scheme of Last Resort....
Financial planning
The Financial Advice Association Australia has written to every member of Parliament to press the case for a public inquiry into the Dixon Advisory collapse and the CSLR....
Financial planning
E&P Financial Group says outstanding legacy issues related to the Dixon Advisory collapse have been resolved, passing the buck for its compensation onto financial adviser...
Financial planning
Two victims of Ben Jayaweera, who was sentenced to 12 years in jail this week, described the fraud as “truly heartbreaking” after they lost $260,000 at his hands....
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Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...
This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...
Interesting. Would be good to know the details of the StrategyOne deal....