AFCA

Financial planning

Dixon Advisory to be expelled from AFCA membership

Dixon Advisory is to be expelled by the Australian Financial Complaints Authority, preventing any new complaints being made against the firm....

Financial planning

FAAA’s Anderson: CSLR a ‘progressively exploding disaster’

Phil Anderson, general manager for financial advice at the FAAA, believes the CSLR levy could reach $100 million if Dixon Advisory complaints are allowed to continue. ...

Financial planning

MoU signed between AFCA and the CSLR

AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme....

Financial planning

FAAA calls on Jones to address spiralling Dixon Advisory complaints

The FAAA has called on Minister Stephen Jones to address the escalating costs of CSLR as Dixon Advisory complaints to AFCA approach 2,500 following an extension of its AF...

Financial planning

Dixon’s $16m class action settlement approved by Federal Court

The Federal Court has approved the $16 million class action settlement regarding Dixon Advisory and Superannuation Services....

Financial planning

Dixon extends AFCA membership, further complaints possible

AFCA has confirmed that Dixon Advisory and Superannuation Solutions has extended its membership, allowing victims to continue to make complaints....

Financial planning

CSLR underestimating future financial advice firm failures

Wealth Data’s Colin Williams believes the idea of four financial advice firms failing per year, as put forward in CSLR estimates, is too low an estimate....

Financial planning

First CSLR Dixon compensation to be paid by EOFY

The Compensation Scheme of Last Resort has officially launched with 11 claims in the first levy period expected to be paid by 30 June 2024, one of which relates to Dixon ...

Financial planning

AFCA appoints CSLR ombudsman

AFCA has appointed a senior ombudsman specifically to specialise in Compensation Scheme of Last Resort complaints, with the scheme set to come into force on 2 April. ...

Financial planning

High complaints volume ‘new normal’ for AFCA

AFCA has already received almost 70,000 complaints since the start of the financial year, and chief executive David Locke has warned this sustained high growth shows the ...

Financial planning

Advice CSLR second levy estimate could spiral to almost $40m

The second CSLR levy period payable by financial advisers could increase to as much as $39.4 million if AFCA processes all DASS complaints by March 2025....

Financial planning

‘There won’t be an advice sector left’: FAAA

Reacting to the Compensation Scheme of Last Resort levy, the FAAA said another levy in addition to the existing ASIC levy will drive advice firms out of business. ...

Financial planning

CSLR updates on levy payable by financial advisers

The Compensation Scheme of Last Resort has determined the estimates for the first and second levy periods, including the proportion payable by financial advisers, ahead o...

Financial planning

AFCA refers systemic issue to ASIC over firm’s lack of engagement

AFCA has identified a systemic issue in the investments and advice space, with the case needing to be referred to ASIC due to the firm’s lack of engagement or remediation...

Financial planning

NextGen sees AFSL cancelled by ASIC

ASIC has cancelled the Australian financial services licence of NextGen Financial Group, following the Federal Court’s order in November for the firm to be wound up in in...