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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
Podcast
Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...
It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...
So we are now underwriting criminal scams?...