AFCA

Financial planning

AFA accuses Govt of interfering in AFSL contracts

The Association of Financial Advisers has accused the Government of unliterally and retrospectively seeking to alter the contract which exists between licensees and the A...

Financial planning

Are financial planners facing double jeopardy?

The Financial Planning Association has warned the Australian Financial Complaints Authority of the risk of planners facing double jeopardy if it reopens matters already d...

Financial planning

FPA issues PI warning on legacy AFCA complaints

The Financial Planning Association has warned the Australian Financial Complaints Authority of significant consequences if professional indemnity insurance cover does not...

Policy & Regulation

Senate Committee recommends increasing consumers’ rights

Consumers can expect improved justice and recourse should they be victims of wrongdoing by the financial services industry as the result of a Senate Committee report hand...

Policy & Regulation

Govt will pay unpaid FOS determinations

The Government has committed to paying unpaid Financial Ombudsman Service determinations impacting consumers and small businesses up to $30.7 million....

Policy & Regulation

ASIC cancels accounting firm licenses

The Australian Securities and Investments Commission has broken new ground cancelling the licenses of two accounting firms for failing to obtain membership of the Austral...

Policy & Regulation

AFCA gives consumer groups key input

The Australian Financial Complaints Authority has established a Consumer Advisory Consumer panel led by a former board member of the Consumer Action Law Centre....

Financial planning

Can small, self-licensed firms afford adequate PI insurance?

Professional indemnity insurance premiums are rising because fewer insurers are participating in the market and questions are being asked about whether small, self-licens...

Policy & Regulation

AFCA empowered to deal with historic complaints

The Government has empowered the Australian Financial Complaints Authority to deal with complaints dating back to 1 January, 2008....

Superannuation

RC’s last resort scheme is a win for SMSFs

The recommendation from the Royal commission to introduce a last resort compensation scheme for consumers suffering a financial loss from advice failures is a win for SMS...

Policy & Regulation

O’Dwyer to leave politics

The minister under whose watch much of the current workload of the financial services industry was generated, Kelly O’Dwyer, has announced her exit from politics at the n...

Financial planning

Planners account for 52% of unpaid EDR determinations

The new Australian Financial Complaints Authority has called for a last resort compensation scheme while citing $16 million in unpaid determinations, 52 per cent of which...

Financial planning

AFCA inundated with complaints

The Australian Financial Complaints Authority reported it received over 13,000 phone enquiries in its first month of operation. ...

Policy & Regulation

New calls for last resort compensation scheme

Rather than increasing funding to the regulators the Government should be pursuing a last resort compensation scheme, according to the Victims of Financial Fraud group....

Policy & Regulation

ASIC cancels Financial Circle’s licence

The Australian Securities and Investments Commission has cancelled the Australian financial services licence and credit licence of Financial Circle....