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COMPLAINTS
Financial planning
Wealth Data’s Colin Williams believes the idea of four financial advice firms failing per year, as put forward in CSLR estimates, is too low an estimate....
Financial planning
AFCA has appointed a senior ombudsman specifically to specialise in Compensation Scheme of Last Resort complaints, with the scheme set to come into force on 2 April. ...
Financial planning
AFCA has already received almost 70,000 complaints since the start of the financial year, and chief executive David Locke has warned this sustained high growth shows the ...
Financial planning
A complex series of factors can cause financial advisers to get caught up in professional indemnity insurance claims – Numerisk’s Richard Silberman shares how to avoid su...
Financial planning
Money Management explores which actions the Financial Services and Credit Panel is taking when it considers the outcomes of cases. ...
Financial planning
AFCA has identified a systemic issue in the investments and advice space, with the case needing to be referred to ASIC due to the firm’s lack of engagement or remediation...
Financial planning
All eyes are now on ASIC as licensees await how the regulator will use the internal dispute resolution regime data submitted as the deadline is reached....
Financial planning
It may be licensees’ responsibility to report internal dispute resolution regime data to ASIC next month, but they are reminding their advisers of the importance of keepi...
Financial planning
Advisers could find themselves facing a larger bill this year if they receive an investments and advice complaint as AFCA updates its monetary rules and compensation cap ...
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
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...
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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...