FINANCIAL OMBUDSMAN SERVICE

Financial planning

Wholesale clients should have the financial capability and knowledge necessary to rely on professional indemnity insurance rather than accessing the proposed new compensa...

Financial planning

The Government has taken the first step towards imposing a compensation scheme of last resort on the financial advice sector, raising key questions about the future relev...

Financial planning

The authority handled over 70,000 complaints signalling there is more to be done to restore faith in financial services....

Policy & Regulation

The Government has committed to paying unpaid Financial Ombudsman Service determinations impacting consumers and small businesses up to $30.7 million....

Financial planning

Professional indemnity insurance premiums are rising because fewer insurers are participating in the market and questions are being asked about whether small, self-licens...

Financial planning

A senior dealer group chief executive has lambasted the Royal Commission’s call for a compensation scheme of last resort, arguing it is treating the symptoms not the caus...

Policy & Regulation

The new ombudsman vows to “proactively work with consumers, small business and the financial services sector to resolve and reduce financial disputes”....

Editorial

While there has been plenty of debate around risk insurance advice, Col Fullagar argues that a more important debate needs to be had about how the major insurers deliver ...

Financial planning

The number of investors in the potential class action against Sandhurst Trustees may balloon out to 180 as lawyers continue to seek information from affected investors....

Financial planning

Macquarie Group will compensate 80 clients, or around 13 per cent of cases reviewed in its client remediation work, but more may follow....

News

The Financial Ombudsman Service (FOS) has again pointed to the inadequacy of professional indemnity insurance, as unpaid compensation from its rulings approaches $15 mill...

Financial planning

FOS has reduced its backlog of cases but unpaid determinations have climbed for the third reporting period in a row to a record high....

Financial planning

The major industry funds groups want ASIC to receive better budgetary resourcing to regulate financial planners....

Financial planning

The Macquarie Group has announced a $678 million half year profit with its banking and financial services and managed funds business contributing heavily to the group’s p...

Financial planning

FOS chief obudsman, Shane Tregellis rejects calls for a limit to its monetary jurisdiction and claims those urging a more legalistic approach are ingoring recent changes....

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MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

4 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

6 months 3 weeks ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

2 weeks 4 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 day 3 hours ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

1 week 4 days ago