AFCA

Superannuation

How some people paid nearly $300 for free super early release

At least two companies were warned by the regulator to stop charging fees ranging from $199 to $299 for facilitating superannuation early release when the process is mean...

Superannuation

AFCA blames Govt policy, not funds on insurance inside super increases

The Government’s changes to insurance inside superannuation have been responsible for driving premium increases, not the superannuation funds themselves, according to the...

Policy & Regulation

ASIC urges continuing complaints despite AFCA pause

The Australia Financial Complaints Authority may have ‘paused’ processing complaints against insolvent financial firms, but the Australian Securities and Investments Comm...

Financial planning

Planners take up 1.6% of AFCA complaints

There were 1,332 complaints out of 84,500 against planners in the last financial year which the Australian Financial Complaints Authority says is “fantastic”....

Financial planning

AFCA supports ASIC product invention on continuing credit contracts

AFCA has welcomed ASIC’s assessment that continuing credit contracts cause consumer detriment and that the regulator’s product intervention powers should be utilised....

Financial planning

Single regulator advocated for financial planning

The Federal Government should use the creation of a single disciplinary body to create a single regulator and thereby reduce complexity and costs....

Financial planning

Paperwork and communications the key to winning in front of AFCA

A senior Australian Financial Complaints Authority ombudsman has acknowledged that financial advisers are doing it tough in a tricky environment and that the authority wi...

Features

InFocus: Individual adviser registration – a step forward on an evolutionary road

The chair of licensee Synchron, Michael Harrison sees merit and advantages in a move towards individual adviser registration....

Financial planning

Are there code of ethics risks for advisers making retirement income recommendations?

Questions are being asked about whether advisers are facing greater risks of being perceived to breach the code of ethics because of the complexities inherent in advising...

Policy & Regulation

AFCA bans paid representative from lodging complaints

MCR Partners has been banned from lodging complaints under the first invocation of rule 2.2, which excludes complainants represented or assisted by an agent receiving rem...

Editorial

Time to audit and consolidate Financial adviser regulation

Too many Governments have looked for quick fixes where financial adviser regulation is concerned and it is time for an audit and the removal of costly and unnecessary lay...

Superannuation

AFCA hit by super early release complaint surge

The Australian Financial Complaints Authority has been hit by a surge of complaints relating to hardship early release superannuation, with many based on superannuation f...

Policy & Regulation

Two firms see AFS licences cancelled

Two financial services firms have had their licences cancelled by the corporate regulator for failing to submit audited accounts and meet licensee obligations. ...

Policy & Regulation

Regulatory sandbox available from September

The Federal Government is finalising regulations for its enhanced regulatory sandbox for fintech businesses, which will commence from the start of September. ...

Financial planning

Over 3,000 COVID-19 complaints to AFCA

More than 600 complaints were in relation to superannuation and the delays in early release, according to the Australian Financial Complaints Authority....