complaints

Financial planning

‘We haven’t chosen to go fast’: Berry provides CSLR update

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

Will UGC cause the next CSLR advice levy increase?

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

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

Final Dixon complaints tally stands at 2,773 complaints

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

AFCA chair reappointed for second term

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

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

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

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

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 ...

Financial planning

How can advisers avoid a PI claim?

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

FSCP by numbers: What action is the panel taking?

Money Management explores which actions the Financial Services and Credit Panel is taking when it considers the outcomes of cases. ...

Financial planning

AFCA refers systemic issue to ASIC over firm’s lack of engagement

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

IDR reports are in, but what’s next?

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

IDR reporting shines spotlight on advisers’ complaint management

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...