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Showing 41 - 50 of 241 results for "OMB"

AFCA reports unprecedented complaint spike

ANDREW MCKEAN  |  TUESDAY, 9 JAN 2024
The Australian Financial Complaints Authority (AFCA) received a record 102,790 complaints from consumers and small businesses unable to resolve disputes with financial firms in 2023. This marks the first time Australia's financial dispute resolution ...

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
It may be tougher for wholesale investors looking to the Australian 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 ...

ASIC renews leadership team

CHLOE WALKER  |  FRIDAY, 18 AUG 2023
The corporate regulator has made several executive changes within its enforcement and compliance, regulation and supervision and markets group teams. ASIC's current senior executive leader, investigations Chris Rowe has been promoted to the role of ...

Advisers lacking PII sidestep AFCA rulings

KARREN VERGARA  |  FRIDAY, 28 JUL 2023
Financial advice firms are "problematically" sidestepping compensation payments after the Australian Financial Complaints Authority (AFCA) hands down a decision, using the excuse that they do not have professional indemnity insurance (PII). Out of 5400 ...

AMP loses BOLR changes class action

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
The Federal Court this morning has ruled in favour of disgruntled AMP Financial Planning advisers who saw the value of their practices deteriorate after the parent company controversially changed its Buyer of Last Resort (BOLR) rules. In handing down ...

Suncorp wage scandal comes to a head

ANDREW MCKEAN  |  FRIDAY, 9 JUN 2023
Suncorp has signed an Enforceable Undertaking with the Fair Work Ombudsman and reimbursed its staff with a back-payment of $32 million, inclusive of interest and superannuation. Suncorp underpaid nearly 16,000 employees between May 2014 and March 2022. ...

AFCA appoints lead ombudsman, investments and advice

CHLOE WALKER  |  TUESDAY, 9 MAY 2023
After acting in the role for 16 months, Shail Singh has officially been appointed as the Australian Financial Complaints Authority's (AFCA's) lead ombudsman, investments and advice. Singh was appointed ombudsman when AFCA opened its doors in 2018, before ...

AFCA chief to serve second term

JAMIE WILLIAMSON  |  THURSDAY, 13 APR 2023
David Locke has been reappointed as chief executive and chief ombudsman of the Australian Financial Complaints Authority, as the body marks $1 billion in compensation delivered to consumers since its inception. Locke will serve a second five-year term ...

Advice complaints decelerate: AFCA

KARREN VERGARA  |  WEDNESDAY, 8 MAR 2023
The number of financial advice-related complaints has slashed by nearly half in the last year, according to the Australian Financial Complaints Authority (AFCA). AFCA registered 2211 financial advice-related complaints in 2022, the majority of which ...