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...

A survey of Australian wealth managers has revealed fears around clients making compensation claims after failing to understand their risk suitability, with firms expecti...

While acknowledging the importance of an effective compensation scheme, the Financial Planning Association of Australia has highlighted its concerns around the legislatio...

The implementation of a Compensation Scheme of Last Resort has moved another step closer after the Bill was introduced to Parliament with Australia’s 10 largest banks and...

In its 2023-24 pre-Budget submission, the FPA has suggested two amendments which could improve the working situation for financial advisers. ...

The post-election Government will need to ensure the Compensation Scheme of Last Resort does not cost more to run than the amounts of compensation involved, according to ...

The Big Four banks, AMP and Macquarie have paid or offered a total of $3.1 billion in compensation to customers who suffered loss or detriment because of fees for no serv...

A survey conducted by the Sterling Action Group shows that 66% of victims of the collapse of the Sterling Group suffered losses greater than the proposed $150,000 compens...

A significant number of complaints made to the Australian Financial Complaints Authority have been paused due to the delay in the compensation scheme of last resort legis...

Compensation paid by the six largest banking and financial services institutions for fee-for-no-service and non-compliant advice is at $749.7 million, according to the co...

Australian Executor Trustees is expected to be ordered to pay $80 million in compensation plus costs to victims of the SEAS Sapfor forestry scheme. ...

ClearView’s advisers were found to have failed in giving a ‘needs analysis’ to life insurance clients, according to the corporate watchdog....

Following a remediation program Suncorp has compensated 4,000 GuardianFP clients....

ASIC has released the final report on the Commonwealth Bank’s compliance with additional licence conditions that were imposed regarding advice compensation, written by Ko...