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Showing 101 - 110 of 312 results for "AFCA"

FAAA to work with Treasury on CSLR

ELIZA BAVIN  |  FRIDAY, 16 AUG 2024
... hundreds of extra claims in the final months" by not acting in a timely manner and postponing the end date of Dixon's AFCA membership. "I must make it clear that we do not oppose the remediation of these Dixon Advisory clients, who have been poorly ...

'Our patience is running thin': ASIC

ELIZA BAVIN  |  THURSDAY, 15 AUG 2024
... conversations. Equally, we're still seeing a lack of urgency in improving member services despite calls from ASIC, APRA and AFCA," Constant said. "Quite frankly, our patience is running thin - we want to see meaningful action now. "We need funds to be ...

AFCA urges super trustees to improve processes

ELIZA BAVIN  |  TUESDAY, 13 AUG 2024
The Australian Financial Complaints Authority (AFCA) said the average loss on a superannuation scam complaint was just under $90,000. AFCA said of the nearly 11,000 complaints in relation to scams last financial year, less than 20 came from superannuation ...

FAAA calls on advisers: 'We ask for your support'

ELIZA BAVIN  |  FRIDAY, 9 AUG 2024
... (ASIC) for "failing to take action against Dixon Advisory in a timely manner" and for postponing the end date of Dixon's AFCA membership. Anderson said the latter had "seemingly enabled multiple hundreds of extra claims in the final months." "I must ...

AFSLs can lose licence on CSLR intervention

KARREN VERGARA  |  WEDNESDAY, 7 AUG 2024
... said. While AFSLs ultimately have the responsibility to pay the compensation, the Australian Financial Complaints Authority (AFCA) and the CSLR, in some cases, have had to rope in the PII. "We are sensitive to that, but it does reach a point where it's ...

AFCA complaints surge in FY24

KARREN VERGARA  |  THURSDAY, 1 AUG 2024
The Australian Financial Complaints Authority (AFCA) received a record number of complaints in the 2024 financial year, jumping 9% to more than 105,000. Preliminary numbers show scam-related complaints drove the surge, together with motor vehicle insurance ...

Group insurance cheaper by 25%: Rainmaker

KARREN VERGARA  |  MONDAY, 15 JUL 2024
... members under 30 years old. Group insurance continues to comprise a large chunk of Australian Financial Complaints Authority (AFCA) life insurance complaints. Between June and December 2023, some 247 individuals complained about group insurance-specific ...

AFCA caps Dixon claimants at 2773

KARREN VERGARA  |  FRIDAY, 12 JUL 2024
... Total compensation for Dixon Advisory victims has reached $338.6 million as the Australian Financial Complaints Authority (AFCA) caps the total number of complainants at 2773. The Financial Advice Association Australia (FAAA) calculates that the financial ...

New NALE rules, AFCA's super powers passed

KARREN VERGARA  |  THURSDAY, 27 JUN 2024
... with non-arm's length expenses (NALE) and income (NALI) and expands the Australian Financial Complaints Authority's (AFCA) remit over super passed Parliament on June 25. Treasury Laws Amendment (Support for Small Business and Charities and Other ...

AFCA seeks industry feedback on approaches

ELIZA BAVIN  |  FRIDAY, 14 JUN 2024
The Australian Financial Complaints Authority (AFCA) is seeking feedback from the financial services industry on its proposed annual Approach document schedule for financial year 2024-2025. AFCA Approach documents support consumers, small businesses ...