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Showing 1 - 10 of 194 results for "AFCA"

Super funds' IDR process weak, inadequate: AFCA

KARREN VERGARA  |  FRIDAY, 5 APR 2024
... process and are not doing enough to resolve member complaints before they reach the Australian Financial Complaints Authority (AFCA). The complaints authority warned that members are bypassing super funds' IDR processes and instead make a beeline ...

CSLR kicks off, 2k await compensation

KARREN VERGARA  |  TUESDAY, 2 APR 2024
... there was no opportunity for redress where a determination had been made by the Australian Financial Complaints Authority (AFCA) and the organisation has either refused to pay or been unable to pay. "Prior to the commencement of the scheme, there was ...

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... appropriate wholesale test on self-managed super funds (SMSF), according to the Australian Financial Complaints Authority (AFCA). AFCA senior ombudsman Alex Sidoti used a case study at the recent AFCA Member Forum to highlight a grey area that advisers ...

Inaugural CSLR levy slugs advisers $18.5m

KARREN VERGARA  |  TUESDAY, 19 MAR 2024
... government." The CSLR board in January provisioned for $241 million to fund the Australian Financial Complaints Authority (AFCA) claims between November 2018 and September 2022. The levy is capped at $250 million. The initial levy estimate includes provisions ...

AFCA secures $40m in refunds

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
The Australian Financial Complaints Authority (AFCA) said it helped secure more than $40 million in refunds for hundreds of thousands of consumers between July and December 2023. AFCAs Systemic Issues Insights Report revealed the 139,011 consumers received ...

DASS settlement pending court approval, victims urged to claim

KARREN VERGARA  |  WEDNESDAY, 28 FEB 2024
... the company said. Compensating DASS investors continues to drag on as the Australian Financial Complaints Authority's (AFCA) released a lead decision on February 15 in a bid to help more than 1900 complainant. This is essentially a template that ...

Jo-Anne Bloch to chair CSLR

CHLOE WALKER  |  TUESDAY, 27 FEB 2024
... up to $150,000 to eligible consumers who have an unpaid determination from the Australian Financial Complaints Authority (AFCA) relating to the provision of personal financial advice, credit intermediation, securities dealing and credit provision. It's ...

How advisers protect themselves from 'rogue' clients

KARREN VERGARA  |  FRIDAY, 23 FEB 2024
... up to potentially to walk [away from the client relationship] but it's particularly setting you up to protect against an AFCA complaint, professional indemnity insurance complaint (PII), or even an ethics complaint," he said. Every three years, advisers ...

Morrison divestment lifts Sequoia profits

JAMIE WILLIAMSON  |  FRIDAY, 23 FEB 2024
... prior corresponding period. However, it also flagged "several" complaints to the Australian Financial Complaints Authority (AFCA) that may impact future financials. The group's NPAT for 1H24 was more than 4000% higher at $27.8 million, primarily due ...

DASS compensation drags AFCA, lead decision published

KARREN VERGARA  |  FRIDAY, 16 FEB 2024
... Advisory and Superannuation Services (DASS) victims continues to eat up the Australian Financial Complaints Authority's (AFCA) time and resources, so much so that a "lead decision" has been published to expedite the process. The complaints body said ...
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