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AFCA
Financial planning
If all the 1,851 complaints of losses made to AFCA about Dixon Advisory were paid out, it would total $357 million, the organisation said, but it is yet to issue any form...
Financial planning
Two investment firms have made up almost half of investment and advice complaints as AFCA reports a rise of 589 per cent in complaints about inappropriate advice during F...
People & Products
AFCA has welcomed a new board director as the director who has served on the board since AFCA’s origination in 2018 steps down....
Financial planning
Investment and advice complaints have seen a 51 per cent increase in the last financial year, largely attributed to complaints against Dixon Advisory and Best Leader Mark...
Financial planning
NextGen Financial Group has been ordered by the Federal Court to pay $270,000 to an SMSF trustee over an unpaid AFCA determination regarding inappropriate financial advic...
Financial planning
The Australian Financial Complaints Authority will begin reviewing the status of paused complaints, including around 1,700 related to Dixon Advisory, now that Parliament ...
Policy & Regulation
The Compensation Scheme of Last Resort legislation has passed in Parliament today, having first been raised back in 2016....
Financial planning
ASIC has accepted a court enforceable undertaking from a former Capstone authorised representative for failing to keep up-to-date records....
Financial planning
Single disciplinary body the Financial Services and Credit Panel has published its first outcome, relating to an adviser who impersonated a client on the phone....
Financial planning
Monthly complaints have fallen, but they could rise again by opening the scope of advice to other providers, according to AFCA lead ombudsman for investments and advice S...
Financial planning
Since 11 March 2020, the financial services ombudsman has registered over 17,000 COVID-related complaints relating to banking, insurance and other financial services....
Financial planning
Hundreds of consumers with Dixon Advisory complaints are still waiting for updates months later as AFCA awaits the introduction of the Compensation Scheme of Last Resort ...
People & Products
Delia Rickard, who spent over a decade at the ACCC and had previously been a senior executive at ASIC, has joined the board of the financial wellbeing organisation. ...
Financial planning
The financial services ombudsman has secured $1 billion in compensation and refunds for consumers since 2018 and is on track to receive close to 100,000 complaints this f...
Financial planning
The complaints authority has shared a way that an advice firm can improve their chances of a case being ruled in their favour or of paying a significantly lower compensat...
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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...