AFCA

Financial planning

AFCA's inbuilt moral hazard for financial advisers

Frivolous and vexatious consumers should be made to pay for their persistent use of the Australian Financial Complaints Authority against advisers, according to the Finan...

Financial planning

Has AFCA grown beyond its mandate?

The Federal Treasury has been told that in circumstances where the Australian Financial Complaints Authority is hearing matters involving wholesale clients and can make b...

Financial planning

Get AFCA out of ongoing investigations says FPA

The Australian Financial Complaints Authority should have no involvement in ongoing investigations into systemic issues and should cede the role to ASIC, according to the...

Policy & Regulation

How much use is an AFCA review without discussion of broader costs?

The Federal Government has acted to initiate the scheduled review of the Australian Financial Complaints Authority but its terms of reference will not specifically touch ...

Financial planning

Should wholesale advice clients be treated differently under PI?

Wholesale clients should have the financial capability and knowledge necessary to rely on professional indemnity insurance rather than accessing the proposed new compensa...

Financial planning

AFCA forced to change its approach to ARs

A loss in the NSW Supreme Court and action by the Australian Securities and Investments Commission has seen the Australian Financial Complaints Authority forced to change...

Policy & Regulation

Judge admonishes AFCA for prompting filing of complaints

A NSW Supreme Court Judge has admonished the Australian Financial Complaints Authority for stepping beyond what is appropriate by “joining the fray” to prompt the filing ...

Superannuation

AFCA entering uncharted territory on super complaints

Up to 20 complaints left unfinished by the final closure of the Superannuation Complaints Tribunal will need to be handled by the Australian Financial Complaints Authorit...

Financial planning

AFCA IDR deadline extension approaching

There are just a few days left for firms to provide responses to financial difficulty complaints for internal dispute resolution as the extension implemented by the Austr...

Financial planning

Licensees cautious amid continuing FASEA code uncertainty

Financial planning licensees are urging a highly cautious approach on their planners because of the continuing uncertainty around the Financial Adviser Standards and Ethi...

Superannuation

How some people paid nearly $300 for free super early release

At least two companies were warned by the regulator to stop charging fees ranging from $199 to $299 for facilitating superannuation early release when the process is mean...

Superannuation

AFCA blames Govt policy, not funds on insurance inside super increases

The Government’s changes to insurance inside superannuation have been responsible for driving premium increases, not the superannuation funds themselves, according to the...

Policy & Regulation

ASIC urges continuing complaints despite AFCA pause

The Australia Financial Complaints Authority may have ‘paused’ processing complaints against insolvent financial firms, but the Australian Securities and Investments Comm...

Financial planning

Planners take up 1.6% of AFCA complaints

There were 1,332 complaints out of 84,500 against planners in the last financial year which the Australian Financial Complaints Authority says is “fantastic”....

Financial planning

AFCA supports ASIC product invention on continuing credit contracts

AFCA has welcomed ASIC’s assessment that continuing credit contracts cause consumer detriment and that the regulator’s product intervention powers should be utilised....