Legacy complaints building towards 1,000
The Federal Government’s decision to allow the Australian Financial Complaints Authority (AFCA) to look at complaints dating back to 1 January, 2008 has already delivered a substantial workload for the authority.
The authority has used an answer to a question on notice to Senate Estimates to confirm that as at 19 November, last year, it had already received 898 complaints under the so-called “legacy” complaints process.
“As of 19 November 2019, 630 legacy complaints are open and progress and 268 legacy complaints have been closed,” it said.
And while the one-year window of opportunity for consumers and small businesses to lodge a complaint will close on 30 June, AFCA has made clear that the Government has not prescribed any timeframe for it to actually process the legacy complaints.
Tasmanian Greens Senator, Peter Whish-Wilson had asked whether the 12-month timeframe for the acceptance of legacy cases represented an adequate opportunity for potentially affected people to be made aware of the situation.
AFCA's answer said the question of the length of the timeframe was a matter for the Australian Securities and Investments Commission (ASIC).
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
