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Showing 71 - 80 of 312 results for "AFCA"

AFCA highlights 'pattern of delays' in super

ELIZA BAVIN  |  TUESDAY, 29 APR 2025
The Australian Financial Complaints Authority (AFCA) has released its bi-annual System Issues Insight Report, to address industry practices and reduce consumer complaints. In the first half of 2024-25, 235 matters were reported affecting 187,855 consumers ...

UGC's AFCA membership to cease

KARREN VERGARA  |  MONDAY, 7 APR 2025
The Australian Financial Complaints Authority (AFCA) will expel United Global Capital's (UGC) membership effective May 31. UGC, which is now in liquidation, began providing financial services, including financial advice, in 2017 to retail and sophisticated ...

CSLR costs driven by poor advice: AFCA

ELIZA BAVIN  |  TUESDAY, 1 APR 2025
The Australian Financial Complaints Authority (AFCA) lead ombudsman, investments and advice Shail Singh has told financial advisers that poor practices are the main contributor to the soaring costs of the Compensation Scheme of Last Resort (CSLR). "It's ...

AFCA opens consultation on financial elder abuse, family violence

KARREN VERGARA  |  WEDNESDAY, 19 MAR 2025
The Australian Financial Complaints Authority (AFCA) has launched two consultations on how it should improve its approach to handling complaints related to financial elder abuse and family violence. AFCA said it seeks to ensure consistency in how it ...

CSLR levy pain could hit $123m: FAAA

KARREN VERGARA  |  THURSDAY, 20 FEB 2025
... $124.8 million. "That is a very big number, one which we have feared for some time. Keep in mind that this is the cost before AFCA fees," he said. The failure of United Global Capital (UGC) significantly drove the 2026 levy estimates. This accounts for ...

AustralianSuper under investigation for delayed death benefit payouts

ANDREW MCKEAN  |  THURSDAY, 6 FEB 2025
... chief executive Xavier O'Halloran said Cbus wasn't expected to be an isolated incident, citing complaints lodged with AFCA and issued raised directly with the superannuation advocacy body. "It's clear that there are problems across a range ...

FAAA 'frustrated' as Dixon inquiry delayed

ELIZA BAVIN  |  THURSDAY, 6 FEB 2025
... tax deductibility of advice, lowering the ASIC levy, making the CSLR equitable and sustainable, and introducing 'Friends of AFCA and CSLR' roles. "As a further measure to address the problems with the CSLR, we propose the establishment of a government-funded ...

AFCA chief operating officer departs

ELIZA BAVIN  |  THURSDAY, 30 JAN 2025
The Australian Financial Complaints Authority (AFCA) has announced that chief operating officer Justin Untersteiner will be departing, effective March 14. Untersteiner is set to take up the role of chief executive of the Australian Health Practitioner ...

FAAA accuses government of crucial CSLR failure

MATTHEW WAI  |  THURSDAY, 16 JAN 2025
... forecasting a total of $20 million in FY26 - depending on complaints resolved by the Australian Financial Complaints Authority (AFCA) before proceeding to the CSLR. The FAAA previously noted the CSLR could ultimately spike the cost of financial advice ...

CFS delivers 16.6% returns for growth members

MATTHEW WAI  |  MONDAY, 13 JAN 2025
... delivered in each area, including good customer service; according to data from the Australian Financial Complaints Authority (AFCA), CFS recorded the lowest rate of complaints. Meantime, TelstraSuper - which also announced its 2024 performance - returned ...