Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 21 - 30 of 198 results for "AFCA"

AFCA tightens wholesale investor remit

KARREN VERGARA  |  FRIDAY, 17 NOV 2023
... Financial Complaints Authority to help resolve a dispute as the authority tightens its rules on how it assesses their complaints. AFCA will shortly update its operational guidelines for assessing complaints from wholesale clients following feedback from ...

ASIC strips institutional broker's AFSL

ANDREW MCKEAN  |  THURSDAY, 16 NOV 2023
... part of the AFSL suspension, JB Markets must continue its membership with the Australian Financial Complaints Authority (AFCA) and uphold its client compensation commitments, including professional indemnity insurance coverage. The institutional broker ...

E&P settles class action for $16m

KARREN VERGARA  |  WEDNESDAY, 15 NOV 2023
... means that any former clients retain their ability to claim against it before the Australian Financial Complaints Authority (AFCA) and potentially under the Compensation Scheme of Last Resort (CSLR). Former chief Dixon stepped down in mid-2019 amid the ...

AFCA consults on advice, MIS compensation

KARREN VERGARA  |  TUESDAY, 7 NOV 2023
... how it should determine compensation that involves financial advice and managed investment schemes (MIS). This includes how AFCA should determine compensation for investors affected by MIS's that failed or became insolvent. A consumer who suffers loss ...

Dispute resolution failures land TelstraSuper in Federal Court

KARREN VERGARA  |  MONDAY, 6 NOV 2023
... did not inform 22 members that they had the right to take their complaint to the Australian Financial Complaints Authority (AFCA). ASIC further alleges that TelstraSuper failed to operate efficiently, honestly and fairly when it failed to comply with ...

Life insurance complaints drop 24%

KARREN VERGARA  |  WEDNESDAY, 25 OCT 2023
... claims-handling delays and insurers peddling misleading information. According to the Australian Financial Complaints Authority (AFCA), the total number of complaints has fallen 24% year on year to 1468, largely due to the Aboriginal Community Benefit ...

Super fund, insurer admin issues draw AFCA complaints

KARREN VERGARA  |  MONDAY, 23 OCT 2023
... complaints and, in some cases, led to large compensation payouts, according to the Australian Financial Complaints Authority (AFCA). AFCA's latest update details the systemic issues that plague financial services firms but does not name the organisations ...

ASFA names acting chief, chair

KARREN VERGARA  |  WEDNESDAY, 4 OCT 2023
... Dransfield is currently a non-executive director of Hollard Insurance and the Australian Financial Complaints Authority (AFCA). He has been both a board member and chair of the Insurance Council of Australia and the Insurance Council of New Zealand and ...

NextGen Financial Group forced into liquidation

KARREN VERGARA  |  MONDAY, 25 SEP 2023
After ignoring an Australian Financial Complaints Authority (AFCA) determination, which was then escalated to the Federal Court, NextGen Financial Group is now in the process of winding up. WJ & V Drakoulis Super, the trustees of the SMSF that sued ...

Financial hardship neglect lands Westpac in court

KARREN VERGARA  |  TUESDAY, 5 SEP 2023
... agreed. Banks must also inform customers that they have the right to go to the Australian Financial Complaints Authority (AFCA) if they want to challenge their decision. ASIC alleges Westpac breached the code between 4 September 2017 and 20 March 2022 ...