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Showing 41 - 50 of 195 results for %22AFCA%22

Jones to prioritise CSLR legislation

KARREN VERGARA  |  TUESDAY, 21 MAR 2023
... consumer protections. "Right now, there are around 2000 cases on hold with the Australian Financial Complaints Authority (AFCA), awaiting passage of the CSLR. In another 30 cases, compensation has been awarded, but can't be paid until the Scheme has ...

FPA voices concern on proposed CSLR, FAR laws

ANDREW MCKEAN  |  FRIDAY, 10 MAR 2023
... ensure that consumers are covered for the full range of matters considered by the Australian Financial Complaints Authority (AFCA), including managed investment schemes (MIS)," Abood said. Of note, yesterday Treasury announced the start of its review ...

Government introduces FAR, CSLR Bills

ANDREW MCKEAN  |  WEDNESDAY, 8 MAR 2023
... risks. Meanwhile, the CSLR aims to provide monetary compensation to eligible consumers when a relevant entity fails to pay an AFCA determination awarding compensation in their favour. Under the new law, eligible consumers can apply to the CSLR operator ...

Advice complaints decelerate: AFCA

KARREN VERGARA  |  WEDNESDAY, 8 MAR 2023
... 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 concern Dixon Advisory and ...

More DASS complainants flock to AFCA

KARREN VERGARA  |  MONDAY, 6 FEB 2023
... August, corporate watchdog ASIC urged former DASS clients who potentially suffered bad advice to lodge a formal complaint with AFCA, which subsequently registered some 1600 complainants in November. ASIC warned that complainants will experience delays ...

Court ruling reiterates need to comply with AFCA

CASSANDRA BALDINI  |  WEDNESDAY, 25 JAN 2023
... court ruling has reaffirmed that financial institutions must cooperate with the Australian Financial Complaints Authority (AFCA) or face penalties. The ruling came in a case ASIC brought against home finance companies, General Commercial and Eden Capital ...

Trustees must improve IDR processes: ASIC

JAMIE WILLIAMSON  |  FRIDAY, 9 DEC 2022
... maximum timeframe, putting at risk the complainant's ability to complain to the Australian Financial Complaints Authority (AFCA). They're also often failing to explain why there's been a delay, ASIC said. It found 48% of the total complaints ...

ASIC suspends, cancels AFSLs

CHLOE WALKER  |  WEDNESDAY, 7 DEC 2022
... ban of its managing director Peter Gribble for failing to pay $2.5 million in Australian Financial Complaints Authority (AFCA) determinations. According to ASIC, QFML also didn't have the required professional indemnity insurance coverage. "The licence ...

DASS clients pushed to accept paltry recoupment

ANDREW MCKEAN  |  FRIDAY, 2 DEC 2022
... $3048 and the worst $86. Directors attributed the company's failure to the Australian Financial Complaints Authority (AFCA) confirming that it would continue to make adverse findings in relation to claims of Dixon Advisory clients and because of ...

AFCA secures $900m in compensation

CASSANDRA BALDINI  |  MONDAY, 21 NOV 2022
... and refunds since the ombudsman service opened its doors in November 2018. The Australian Financial Complaints Authority (AFCA) said it's also handled more than 300,000 disputes, an average of 200 complaints per day, over the past four years. AFCA ...