AFCA

Financial planning

AFCA has doubled the team handling Dixon Advisory complaints, with the Compensation Scheme of Last Resort just six weeks away from implementation....

People & Products

AMP superannuation members will transition to TAL’s insurance offering in Q2 2024, while the insurer has appointed a new chief claims officer from Westpac....

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 ...

People & Products

The transitional board of the Compensation Scheme of Last Resort has appointed former UniSuper chief executive Kevin O’Sullivan, as a former AFCA director steps down....

Financial planning

AFCA’s chief ombudsman David Locke has stated the magnitude of complaints received by the body is growing at an “unsustainable rate” and urged companies to improve their ...

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....

Financial planning

The number of people eligible for the wholesale investor test has risen by more than 700 per cent since its introduction, and advisers need to ensure they are making thei...

People & Products

The Australian Financial Complaints Authority has welcomed a new member to its independent board as it announces the departure of a founding member. ...

People & Products

The Compensation Scheme of Last Resort’s transitional board has appointed its first chief executive alongside a non-executive director in the lead up to its scheduled com...

Financial planning

An AFCA determination may be binding, but there is an alternative way for financial advisers to progress if they disagree with an outcome. ...

Financial planning

NextGen Financial Group has formally entered into liquidation after losing a Federal Court case regarding an unpaid $270,000 Australian Financial Complaints Authority det...

Financial planning

Advisers “live in fear of the next black swan event”, according to FAAA general manager Phil Anderson, as they anticipate the start of the Compensation Scheme of Last Res...

Financial planning

AFCA has confirmed to Money Management when it will start issuing determinations on Dixon Advisory complaints with a view to the Compensation Scheme of Last Resort’s intr...

Financial planning

As the Australian Financial Complaints Authority reaches five years of operation, chief ombudsman David Locke has recognised the majority of financial firm members are n...

Financial planning

E&P Financial Group has settled a class action related to Dixon Advisory for $16 million as Senator Andrew Bragg questions why the taxpayer should foot the bill for consu...

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