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Showing 1 - 10 of 198 results for "AFCA"

AFCA finds more Dixon Advisory victims

KARREN VERGARA  |  FRIDAY, 10 MAY 2024
The Australian Financial Complaints Authority (AFCA) added 544 more Dixon Advisory-specific victims to total 2492 complaints at the end of April, which will further exacerbate the costs and levy financial advisers must pay. The Financial Advice Association ...

AFCA and CSLR sign MoU

ELIZA BAVIN  |  THURSDAY, 9 MAY 2024
The Australian Financial Complaints Authority (AFCA) and Compensation Scheme of Last Resort (CSLR) have signed a Memorandum of Understanding (MoU) setting out how they will work together to support a fair and efficient financial services sector. The ...

ASIC hits back at parliament: 'Simply not realistic'

ELIZA BAVIN  |  TUESDAY, 30 APR 2024
... around 150 to 200. "Clearly there is a mismatch of expectations here. We are not a complaints hearing authority - we are not AFCA," Longo said. "All regulators, us included, have to make choices. We cannot investigate everything, we cannot enforce every ...

Court approves $16m DASS settlement

KARREN VERGARA  |  FRIDAY, 19 APR 2024
... sought to gather more information for the victims in delaying the approval. The Australian Financial Complaints Authority (AFCA) confirmed to Justice Thawley that the settlement does not prevent victims taking part in the class action in applying to ...

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 ...
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