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Showing 71 - 80 of 194 results for "AFCA"

E&P pulls the plug on DASS

KARREN VERGARA  |  WEDNESDAY, 19 JAN 2022
... include potential damages that will arise from the Piper Alderman and Shine Lawyers class actions, numerous claims made to AFCA, as well as civil penalties agreed between DASS and ASIC. Piper Alderman commenced the class action in the Federal Court last ...

AFCA must improve transparency: Hume

KARREN VERGARA  |  THURSDAY, 25 NOV 2021
... and providing the reasoning behind its decisions. Senator Jane Hume's final report made 14 recommendations, all of which AFCA said it "agrees with in principle". One recommendation is for the authority to provide clearer guidance when an issue should ...

Hume throws shade at trustee rainy day funds

KARREN VERGARA  |  MONDAY, 22 NOV 2021
... banks pay towards the cost of establishment of the CSLR, and I'm yet to see an example of a bank who has failed to pay an AFCA determination," she said. Having a broad-based scheme on the other hand would inevitably be borne by other investors, that ...

AFCA launches new platform to improve dispute resolution

CHLOE WALKER  |  FRIDAY, 19 NOV 2021
The Australian Financial Complaints Authority (AFCA) today launched a new digital platform to help financial services firms better manage disputes that reach the ombudsman service. The new AFCA member benchmarking dashboard is an interactive platform ...

AFCA appoints senior ombudsmen

JAMIE WILLIAMSON  |  TUESDAY, 26 OCT 2021
... banking and finance, insurance, investments and advice, and superannuation. All seven appointments are internal promotions, AFCA noted. Anne Maree Howley has been appointed senior ombudsmen, superannuation while Shail Singh has been named senior ombudsmen ...

Big four bank complaints drop

ANNABELLE DICKSON  |  THURSDAY, 7 OCT 2021
... in relation to the big four banks has fallen over the last financial year, the Australian Financial Complaints Authority (AFCA) said. Complaints about Westpac, ANZ, NAB and Commonwealth Bank fell 7% out of the total 70,510 received in 2020/21, coming ...

ASIC bans adviser, cancels AFSL

ANNABELLE DICKSON  |  TUESDAY, 28 SEP 2021
... comply with its licence condition to have a 'key person'. The licence will remain in effect for 12 months to maintain an AFCA membership and hold professional indemnity cover. Pure Strategy and Ackerman have appeal ASIC's decision by the Administrative ...

IDII pitfalls advisers should avoid

KARREN VERGARA  |  WEDNESDAY, 22 SEP 2021
... objectives, financial circumstances and needs, Cameron said. "Nobody expects your advice to be perfect, not even ASIC or AFCA. There are always going to be surprises, and choices and a multitude of ways in which your clients' futures won't pan out. ...

CSLR unfairly locks out some victims: Maurice Blackburn

ELIZABETH MCARTHUR  |  MONDAY, 16 AUG 2021
... under the scheme. The CSLR as it is drafted will only help consumers after the Australian Financial Complaints Authority (AFCA) has made a determination on their case. However, in AFCA's rules it is stated that it can only accept complaints that have ...

AFCA weeds out phony complaints

ELIZABETH MCARTHUR  |  FRIDAY, 30 JUL 2021
The Australian Financial Complaints Authority (AFCA) has made changes to its procedures to weed out complaints where the consumer didn't really suffer any financial harm. AFCA received feedback from financial institutions, particularly small to medium ...