CSLR

Financial planning

Will Dixon costs impact the 2023–24 ASIC funding levy?

With the indicative ASIC levy expected soon, the FAAA has queried whether the cost of action against Dixon Advisory will impact the 2023–24 figures. ...

Financial planning

Bragg slams ASIC’s ‘lack of action’ in inquiry report

Ahead of the upcoming ASIC inquiry report, Senator Andrew Bragg has criticised the regulator and Labor government for the impact of rising levies on financial advice prac...

Financial planning

How much were CSLR’s first payouts?

The Compensation Scheme of Last Resort has made its first payouts to victims since launching in April, with three claimants having been the victims of poor financial advi...

Financial planning

Dixon Advisory to be expelled from AFCA membership

Dixon Advisory is to be expelled by the Australian Financial Complaints Authority, preventing any new complaints being made against the firm....

Financial planning

What does the advice sector want from this year’s budget?

The Financial Advice Association Australia has released its pre-budget submission, including six key items to help reduce the cost of professional advice and increase its...

Financial planning

FAAA’s Anderson: CSLR a ‘progressively exploding disaster’

Phil Anderson, general manager for financial advice at the FAAA, believes the CSLR levy could reach $100 million if Dixon Advisory complaints are allowed to continue. ...

Financial planning

MoU signed between AFCA and the CSLR

AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme....

Financial planning

FAAA calls on Jones to address spiralling Dixon Advisory complaints

The FAAA has called on Minister Stephen Jones to address the escalating costs of CSLR as Dixon Advisory complaints to AFCA approach 2,500 following an extension of its AF...

Financial planning

Dixon’s $16m class action settlement approved by Federal Court

The Federal Court has approved the $16 million class action settlement regarding Dixon Advisory and Superannuation Services....

Financial planning

Dixon extends AFCA membership, further complaints possible

AFCA has confirmed that Dixon Advisory and Superannuation Solutions has extended its membership, allowing victims to continue to make complaints....

Financial planning

How can advice firms avoid an AFSL failure?

With 4.2 financial advice firms expected to fail per year, what type of problems can occur that could cause a licensee or micro-AFSL to go under?...

Financial planning

CSLR underestimating future financial advice firm failures

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

First CSLR Dixon compensation to be paid by EOFY

The Compensation Scheme of Last Resort has officially launched with 11 claims in the first levy period expected to be paid by 30 June 2024, one of which relates to Dixon ...

Financial planning

AFCA appoints CSLR ombudsman

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

High complaints volume ‘new normal’ for AFCA

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 ...