AFCA

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....

People & Products

AFCA appoints two lead ombudsmen

Emma Curtis has been appointed as lead ombudsman for insurance and Suanne Russell as lead ombudsman for small business....

People & Products

Academic appointed as new AFCA chair

The Federal Government has appointed Swinburne University Chancellor, Professor John Pollaers as the new chairman of AFCA succeeding former Liberal minister, Helen Coonan...

Financial planning

Treasury urged to investigate AFCA ‘coaching’

Financial advisers distrust the Australian Financial Complaints Authority because it is perceived to have ‘coached’ complainants and Treasury is being urged to investigat...

Financial planning

AFCA panel's $30,000 lookback fee

An Australian Financial Complaints Authority review of a lookback complaint resulted in a fee of nearly $30,000....

Financial planning

Planning file notes ‘solid gold’ against disputes

Detailed file notes are one of the biggest factors that can help defend financial planners against complaints and planners need to be innovative when managing their recor...

Policy & Regulation

ASIC moves to penalise firm for AFCA failing

Proceedings have commenced against Lightspeed Finance and its director, Mark Fitzpatrick, over failure to comply with Australian Financial Complaints Authority determinat...