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AFCA
Financial planning
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 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
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
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
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
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 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
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...
Financial planning
Dixon Advisory is a prime example of ASIC’s lack of enforcement action and wrongdoing will continue unless there are “heads on spikes”, according to Senator Andrew Bragg....
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....
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MARKET INSIGHTS
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So we are now underwriting criminal scams?...
Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...
Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...