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AFCA

Financial planning

E&P Financial Group has settled a class action related to Dixon Advisory for $16 million as Senator Andrew Bragg questions why the taxpayer should foot the bill for consu...

People & Products

The Australian Financial Complaints Authority has appointed new directors as two founding directors step down after five years, including a financial adviser....

Superannuation

In a letter addressed to Minister Stephen Jones, Senator Andrew Bragg has asked for a clear timeline for action on addressing super complaints regarding delays in death b...

Financial planning

The Australian Financial Complaints Authority has opened a consultation into how it determines compensation for complaints involving financial advisers....

Financial planning

If all the 1,851 complaints of losses made to AFCA about Dixon Advisory were paid out, it would total $357 million, the organisation said, but it is yet to issue any form...

Financial planning

Two investment firms have made up almost half of investment and advice complaints as AFCA reports a rise of 589 per cent in complaints about inappropriate advice during F...

People & Products

AFCA has welcomed a new board director as the director who has served on the board since AFCA’s origination in 2018 steps down....

Financial planning

Investment and advice complaints have seen a 51 per cent increase in the last financial year, largely attributed to complaints against Dixon Advisory and Best Leader Mark...

Financial planning

NextGen Financial Group has been ordered by the Federal Court to pay $270,000 to an SMSF trustee over an unpaid AFCA determination regarding inappropriate financial advic...

Financial planning

The Australian Financial Complaints Authority will begin reviewing the status of paused complaints, including around 1,700 related to Dixon Advisory, now that Parliament ...

Policy & Regulation

The Compensation Scheme of Last Resort legislation has passed in Parliament today, having first been raised back in 2016....

Financial planning

ASIC has accepted a court enforceable undertaking from a former Capstone authorised representative for failing to keep up-to-date records....

Financial planning

Single disciplinary body the Financial Services and Credit Panel has published its first outcome, relating to an adviser who impersonated a client on the phone....

Financial planning

Monthly complaints have fallen, but they could rise again by opening the scope of advice to other providers, according to AFCA lead ombudsman for investments and advice S...

Financial planning

Since 11 March 2020, the financial services ombudsman has registered over 17,000 COVID-related complaints relating to banking, insurance and other financial services....

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MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

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Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

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It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

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ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

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The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

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While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

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