AFCA

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...

Policy & Regulation

Consumer groups join industries bodies in CSLR opposition

Eight consumer groups have united with eight industry bodies in opposition to the compensation scheme of last resort (CSLR) legislation in its current form....

Financial planning

Advisers unlikely to be ruled against in ‘know your client’ complaint

There is a strong likelihood that complaints regarding inappropriate advice will be resolved by agreement rather than a decision against the advisers, according to the Au...

Financial planning

Less than one-in-three chance of defending 'know your client' complaint

Failing to ensure clients understand risk profile questionnaires can mean advisers fail the ‘know your client’ obligation and leave them open to a complaint with only a 3...

Financial planning

Existing clients the missing voice in advice regulation

Existing clients should be asked whether they see value in financial advice reforms and whether they are happy to be paying more for those protections, the Association of...

Financial planning

AFCA praises advisers for compliance

As industry organisations face Parliament to argue against rising regulatory levies, the Australian Financial Complaints Authority has praised financial advisers for rece...

Policy & Regulation

Advisers need to avoid regulator 'radar'

Financial advisers need to make sure all their new regulatory requirements are in place by October to avoid any scrutiny from the regulators, even if they aren’t receivin...

Financial planning

Advisers should not be relied on to fund CSLR

As they make up only a fraction of complaints to the Australian Financial Complaints Authority, advisers should not be relied on to fund the compensation scheme of last r...

Financial planning

Adviser complaints around 1% of AFCA total

Financial advisers only make up around 1.4% of complaints to the Australian Financial Complaints Authority, while life insurance is around 2%....

People & Products

LCCC names new chair

Jan McClelland has been jointly appointed to chair the Life Code Compliance Committee by the Financial Services Council and the Australian Financial Complaints Authority....