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Showing 11 - 20 of 192 results for %22AFCA%22

CSLR estimates $241m to fund backlog of complaints

JAMIE WILLIAMSON  |  TUESDAY, 9 JAN 2024
... Resort (CSLR) estimates $241 million will be needed to fund claims lodged with the Australian Financial Complaints Authority (AFCA) between November 2018 and September 2022. The CSLR is set to begin receiving claims in April this year, with an annual ...

AFCA amends consumer compensation caps

KARREN VERGARA  |  TUESDAY, 9 JAN 2024
The Australian Financial Complaints Authority (AFCA) has revised the maximum amount consumers can claim for compensation. As of 1 January 2024, the maximum compensation amount a complainant can apply for is $1.263 million, which was previously $1.085 ...

CSLR chief executive named

JAMIE WILLIAMSON  |  FRIDAY, 8 DEC 2023
... Delia Rickard has been named as a non-executive director. Rickard also sits on the Australian Financial Complaints Authority (AFCA) board as well as that of Super Consumers Australia, Financial Counselling Australia, and the Ecstra Foundation. In her ...

AFCA secures $1.2bn in refunds

CASSANDRA BALDINI  |  TUESDAY, 21 NOV 2023
Since its inception, the Australian Financial Complaints Authority (AFCA) has clawed back $1.2 billion in compensation and refunds for more than 400,000 consumers and small businesses. Reaching its fifth year in operation, AFCA explained its efforts ...

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 ...