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Showing 51 - 60 of 189 results for "Australian Financial Complaints Authority"

Court ruling reiterates need to comply with AFCA

CASSANDRA BALDINI  |  WEDNESDAY, 25 JAN 2023
A 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 ...

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 ...

OnePath Life sued over utmost good faith duties breach

JAMIE WILLIAMSON  |  THURSDAY, 8 DEC 2022
... the decision through OnePath Life's internal dispute resolution process or through the Australian Financial Complaints Authority. "If an insurer is concerned a customer has engaged in fraudulent non-disclosure, they must make their concerns explicit ...

ASIC suspends, cancels AFSLs

CHLOE WALKER  |  WEDNESDAY, 7 DEC 2022
... follows the 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. ...

DASS clients pushed to accept paltry recoupment

ANDREW MCKEAN  |  FRIDAY, 2 DEC 2022
... would be $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 ...

AFCA secures $900m in compensation

CASSANDRA BALDINI  |  MONDAY, 21 NOV 2022
... compensation 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 ...

Evidence of poor LRBA advice: Report

ANDREW MCKEAN  |  THURSDAY, 17 NOV 2022
... borrowing arrangements (LRBAs) that could put their retirement savings at risk. The Australian Financial Complaints Authority (AFCA) and ASIC remain concerned about inappropriate advice to SMSFs. ASIC identified concerns about SMSFs taking advice encouraging ...

Former DASS clients flood AFCA with complaints

JAMIE WILLIAMSON  |  TUESDAY, 8 NOV 2022
The Australian Financial Complaints Authority has received more than 1600 complaints from former clients of Dixon Advisory and Superannuation Services, warning complainants to expect delays in dealing with their case. On August 3, ASIC publicly urged ...

AFSL boss banned by ASIC

CASSANDRA BALDINI  |  TUESDAY, 11 OCT 2022
... Funds Management managing director Peter Gribble for failing to pay $2.5 million in Australian Financial Complaints Authority determinations. Gribble is banned from controlling a financial services business or being an officer of one after two companies ...

FPA seeks broader scope for CSLR

CHLOE WALKER  |  MONDAY, 10 OCT 2022
... broadening the scope of the scheme to include the entirety of the jurisdiction of the Australian Financial Complaints Authority (AFCA)." Such amendments would ensure equity for industry and consumers as well as long-term sustainability for the scheme ...