AFCA

Financial planning

Dixon Advisory consumer losses totalling $357 million: AFCA

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

Inappropriate advice complaints to AFCA jump 589%

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 welcomes board director as its founding member steps down

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

Almost 5k advice and investments complaints to AFCA in FY22–23

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 ordered by court to pay $270k for inappropriate advice

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

CSLR passing brings hope for DASS victims

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

CSLR passes Parliament

The Compensation Scheme of Last Resort legislation has passed in Parliament today, having first been raised back in 2016....

Financial planning

ASIC accepts court enforceable undertaking from former Capstone adviser

ASIC has accepted a court enforceable undertaking from a former Capstone authorised representative for failing to keep up-to-date records....

Financial planning

FSCP publishes first adviser misconduct verdict

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

Advice complaints on the decline but ‘getting more complex’: AFCA

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

Over 17,000 AFCA complaints received during the pandemic

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

Less than 1% of Dixon Advisory complaints have progressed

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

Former ACCC deputy chair joins Ecstra Foundation board

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

AFCA’s complaints resolution scheme passes $1bn mark

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

How to reduce the risk of an AFCA ruling

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...