AFCA

Financial planning

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

Financial planning

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

Financial planning

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

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 ...

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MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 1 day ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

2 days 16 hours ago