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Showing 1 - 10 of 192 results for "Australian Financial Complaints Authority"

AFCA finds more Dixon Advisory victims

KARREN VERGARA  |  FRIDAY, 10 MAY 2024
The Australian Financial Complaints Authority (AFCA) added 544 more Dixon Advisory-specific victims to total 2492 complaints at the end of April, which will further exacerbate the costs and levy financial advisers must pay. The Financial Advice Association ...

AFCA and CSLR sign MoU

ELIZA BAVIN  |  THURSDAY, 9 MAY 2024
The Australian Financial Complaints Authority (AFCA) and Compensation Scheme of Last Resort (CSLR) have signed a Memorandum of Understanding (MoU) setting out how they will work together to support a fair and efficient financial services sector. The ...

Court approves $16m DASS settlement

KARREN VERGARA  |  FRIDAY, 19 APR 2024
... Thawley sought to gather more information for the victims in delaying the approval. The Australian Financial Complaints Authority (AFCA) confirmed to Justice Thawley that the settlement does not prevent victims taking part in the class action in applying ...

Super funds' IDR process weak, inadequate: AFCA

KARREN VERGARA  |  FRIDAY, 5 APR 2024
... process and are not doing enough to resolve member complaints before they reach the Australian Financial Complaints Authority (AFCA). The complaints authority warned that members are bypassing super funds' IDR processes and instead make a beeline ...

Court delays DASS class action settlement approval

KARREN VERGARA  |  FRIDAY, 5 APR 2024
The Federal Court has delayed approving the $16 million class action settlement against Dixon Advisory & Superannuation Services (DASS) as it seeks more information. The class action led by Shine Lawyers, which was also brought against former Dixon ...

CSLR kicks off, 2k await compensation

KARREN VERGARA  |  TUESDAY, 2 APR 2024
... said there was no opportunity for redress where a determination had been made by the Australian Financial Complaints Authority (AFCA) and the organisation has either refused to pay or been unable to pay. "Prior to the commencement of the scheme, there ...

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... the appropriate wholesale test on self-managed super funds (SMSF), according to the Australian Financial Complaints Authority (AFCA). AFCA senior ombudsman Alex Sidoti used a case study at the recent AFCA Member Forum to highlight a grey area that advisers ...

Inaugural CSLR levy slugs advisers $18.5m

KARREN VERGARA  |  TUESDAY, 19 MAR 2024
... our government." The CSLR board in January provisioned for $241 million to fund the Australian Financial Complaints Authority (AFCA) claims between November 2018 and September 2022. The levy is capped at $250 million. The initial levy estimate includes ...

AFCA secures $40m in refunds

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
The Australian Financial Complaints Authority (AFCA) said it helped secure more than $40 million in refunds for hundreds of thousands of consumers between July and December 2023. AFCAs Systemic Issues Insights Report revealed the 139,011 consumers received ...

DASS settlement pending court approval, victims urged to claim

KARREN VERGARA  |  WEDNESDAY, 28 FEB 2024
The federal court will soon determine if it will approve the $16 million to settle the class action against E&P Financial Group as some victims of Dixon Advisory and Superannuation Services (DASS) are running out of time to make a claim. On 3 April ...
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