complaints

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...

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

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 ...

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...

Financial planning

AFCA secures $900m for consumers in four years

The financial complaints authority said it has received 200 complaints on average every day since 2018 but financial advice does not feature among top complaints....

Financial planning

Fall in advice complaints evidence of improved professionalism

The latest data on financial advice complaints, which shows a fall of over 50% in the past year, indicates the improved quality of financial advice, according to the Fina...

People & Products

AFCA appoints board member from ACCC

The Australian Financial Complaints Authority has appointed Delia Rickard to the board for a three-year term....

Financial planning

Inappropriate advice complaints decline 54%: AFCA

Complaints about inappropriate advice have more than halved in the last financial year, according to the Australian Financial Complaints Authority, while those about fail...

People & Products

AFCA names lead ombudsman

The Australian Financial Complaints Authority has made two changes to leadership of its investment and advice and banking and finance departments....

Life/Risk

Average life insurance complaint handling time almost doubles

While only making up 2% of total complaints received by the Australian Financial Complaints Authority, life insurance complaint handling time has almost doubled in two ye...

Financial planning

Advice complaints on a downward trend: AFCA

Already making up a fraction of complaints, complaints about advisers have fallen 33% in the 2021/22 financial year so far, according to the Australian Financial Complain...

Financial planning

Advisers unlikely to be ruled against in ‘know your client’ complaint

There is a strong likelihood that complaints regarding inappropriate advice will be resolved by agreement rather than a decision against the advisers, according to the Au...