david locke

Financial planning

The key way for members to reduce their AFCA fees

AFCA chief executive, David Locke, has shared a key way for its financial services member firms to reduce the volume of fees paid to the organisation, which it says are “...

Financial planning

AFCA reports ‘disappointing’ 9% rise in FY24 complaints

The 2023–24 financial year saw over 105,000 financial complaints filed to AFCA, with its chief ombudsman expressing disappointment in the 9 per cent year-on-year rise....

Financial planning

Alleged Dixon losses reach $458 million: AFCA

AFCA has told the Senate economics committee that alleged losses from Dixon Advisory clients are an estimated $458 million while outlining the concerns it is observing in...

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 ...

Financial planning

AFCA complaints surpass 100k in 2023

AFCA’s chief ombudsman David Locke has stated the magnitude of complaints received by the body is growing at an “unsustainable rate” and urged companies to improve their ...

Financial planning

Majority of AFCA firms avoiding complaints

As the Australian Financial Complaints Authority reaches five years of operation, chief ombudsman David Locke has recognised the majority of financial firm members are n...

Financial planning

AFCA consults on proposed funding model

The proposed user-pays model from the Australian Financial Complaints Authority followed industry feedback and would see 98% of investment and advice members pay only a $...

Financial planning

Advisers could face more costs under AFCA recommendations

The first review of the Australian Financial Complaints Authority has made 13 recommendations for its improvements but acknowledged these may result in increased costs fo...

Financial planning

AFCA examines possibilities for fairer funding model

The Australian Financial Complaints Authority is examining fees and funding ahead of the findings from an independent review and how it can treat smaller firms more fairl...

People & Products

LCCC names new chair

Jan McClelland has been jointly appointed to chair the Life Code Compliance Committee by the Financial Services Council and the Australian Financial Complaints Authority....

Financial planning

AFCA IDR deadline extension approaching

There are just a few days left for firms to provide responses to financial difficulty complaints for internal dispute resolution as the extension implemented by the Austr...

Financial planning

Planners take up 1.6% of AFCA complaints

There were 1,332 complaints out of 84,500 against planners in the last financial year which the Australian Financial Complaints Authority says is “fantastic”....

Policy & Regulation

AFCA bans paid representative from lodging complaints

MCR Partners has been banned from lodging complaints under the first invocation of rule 2.2, which excludes complainants represented or assisted by an agent receiving rem...