AFCA

Financial planning

AFCA adopts early merit assessment of complaints

Early merit assessments of complaints are now a permanent feature of the Australian Financial Complaints Authority’s process following a pilot program....

Financial planning

CSLR - is the cure worse than the disease?

The post-election Government will need to ensure the Compensation Scheme of Last Resort does not cost more to run than the amounts of compensation involved, according to ...

Financial planning

FPA welcomes AFCA funding changes

The Financial Planning Association of Australia has welcomed the announcement by the Australian Financial Complaints Authority about proposed changes to its funding model...

Financial planning

AFCA consults on proposed funding model

The proposed user-pays model from the Australian Financial Complaints Authority followed industry feedback and would see 98% of investment and advice members pay only a $...

Financial planning

Where next for Dixon Advisory?

Evans & Partners has set aside $8.2 million for penalties related to Dixon Advisory & Superannuation Services as 70% of affected clients transfer to E&P....

Features

InFocus: Who should offer protection to investors?

The examples of failed managed investment schemes have reopened the question around the Government’s proposed model for a Compensation Scheme of Last Resort, writes Oksan...

Policy & Regulation

ASIC oversight needed to reduce unpaid determination risk

Greater oversight from the corporate regulator of financial and compensation arrangements will reduce unpaid determination risk and ensure the CSLR operates as a genuine ...

Financial planning

Expand CSLR to AFCA: FPA

The compensation scheme of last resort should be expanded to include the jurisdiction of the complaints authority, not retrospectively, according to the Financial Plannin...

Financial planning

How to put AFCA ‘out of business’

The complaints authority has outlined the key points advisers should be aware of to defend themselves when it comes to client complaints....

Financial planning

Advisers could face more costs under AFCA recommendations

The first review of the Australian Financial Complaints Authority has made 13 recommendations for its improvements but acknowledged these may result in increased costs fo...

Life/Risk

Average life insurance complaint handling time almost doubles

While only making up 2% of total complaints received by the Australian Financial Complaints Authority, life insurance complaint handling time has almost doubled in two ye...

Financial planning

Advice complaints on a downward trend: AFCA

Already making up a fraction of complaints, complaints about advisers have fallen 33% in the 2021/22 financial year so far, according to the Australian Financial Complain...

Financial planning

AFCA examines possibilities for fairer funding model

The Australian Financial Complaints Authority is examining fees and funding ahead of the findings from an independent review and how it can treat smaller firms more fairl...

Life/Risk

Complaints data further highlight income protection issues

Income protection complaints accounted for the most complaints in regards to life insurance during FY2020-21, especially when it came to the calculation of benefits for b...

Financial planning

CSLR delay pauses adviser complaint progress

A significant number of complaints made to the Australian Financial Complaints Authority have been paused due to the delay in the compensation scheme of last resort legis...