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AFCA
People & Products
The transitional board of the Compensation Scheme of Last Resort has appointed former UniSuper chief executive Kevin O’Sullivan, as a former AFCA director steps down....
Financial planning
AFCA’s chief ombudsman David Locke has stated the magnitude of complaints received by the body is growing at an “unsustainable rate” and urged companies to improve their ...
Financial planning
The estimated sum for the initial Compensation Scheme of Last Resort levy has been calculated, with the regime expected to start receiving claims in April....
Financial planning
The number of people eligible for the wholesale investor test has risen by more than 700 per cent since its introduction, and advisers need to ensure they are making thei...
People & Products
The Australian Financial Complaints Authority has welcomed a new member to its independent board as it announces the departure of a founding member. ...
People & Products
The Compensation Scheme of Last Resort’s transitional board has appointed its first chief executive alongside a non-executive director in the lead up to its scheduled com...
Financial planning
An AFCA determination may be binding, but there is an alternative way for financial advisers to progress if they disagree with an outcome. ...
Financial planning
NextGen Financial Group has formally entered into liquidation after losing a Federal Court case regarding an unpaid $270,000 Australian Financial Complaints Authority det...
Financial planning
Advisers “live in fear of the next black swan event”, according to FAAA general manager Phil Anderson, as they anticipate the start of the Compensation Scheme of Last Res...
Financial planning
AFCA has confirmed to Money Management when it will start issuing determinations on Dixon Advisory complaints with a view to the Compensation Scheme of Last Resort’s intr...
Financial planning
As the Australian Financial Complaints Authority reaches five years of operation, chief ombudsman David Locke has recognised the majority of financial firm members are n...
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....
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Podcast
My view is that after 2026 there will be quite a bit less than 10,000 'advisers' (investment advisers) and less than 100...
Dugald makes a great point that not everyone's definition of green is the same and gives a good example. Funds have bee...
How did they get the AFSL in the first place? Given the green light by ASIC. This is terrible example of ASIC's incompet...