COMPLAINTS

Financial planning

The Compensation Scheme of Last Resort’s CEO David Berry has confirmed the number of complaints the organisation is actively working on, with $3.3 million being paid to v...

Financial planning

AFCA is considering whether complaints against advice licensee United Global Capital, which saw its AFSL cancelled this week, will be covered by the CSLR and how many com...

Financial planning

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

The Australian Financial Complaints Authority has confirmed that Dixon Advisory is no longer a member, with some 2,773 complaints having been received by the expulsion da...

Financial planning

The board of AFCA has appointed Professor John Pollaers for a second three-year term....

Financial planning

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

Financial planning

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

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...

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MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 1 week ago

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

4 months 1 week ago

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

6 months 2 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. ...

6 days 11 hours ago

The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016....

4 weeks 1 day ago

ASIC has cancelled the AFSL of a Sydney-based advice firm, describing how it demonstrated “competency failures” in its activities. ...

2 weeks ago