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Showing 1 - 10 of 100+ results for "Australian Financial Complaints Authority"

Big four bank complaints drop

ANNABELLE DICKSON  |  THURSDAY, 7 OCT 2021
... received 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 ...

Industry calls for expanded CSLR

ANNABELLE DICKSON  |  WEDNESDAY, 6 OCT 2021
... compensation for all financial products and services that fall under the jurisdiction of the Australian Financial Complaints Authority. As it stands, the draft legislation excludes managed investment schemes and the funeral expenses industry which means ...

IDII pitfalls advisers should avoid

KARREN VERGARA  |  WEDNESDAY, 22 SEP 2021
... a panel of experts at the Association of Financial Advisers 2021 Evolve Conference, Australian Financial Complaints Authority lead ombudsman for investments and advice Natalie Cameron told advisers about her experiences with IDII complaints, particularly ...

FSC suggests CSLR improvements

KARREN VERGARA  |  MONDAY, 20 SEP 2021
... advice failures. The proposed design of the CSLR does little to reduce the risk of unpaid Australian Financial Complaints Authority determinations and simply shifts the cost, via levies, to financial services companies that have done nothing wrong, the ...

Former adviser banned after super theft

JAMIE WILLIAMSON  |  FRIDAY, 17 SEP 2021
... as part of an investigation that began in 2019 after he refused to cooperate with the Australian Financial Complaints Authority following client complaints. In May he was sentenced to six years' prison with a non-parole period of four years. He was found ...

Unlicensed crypto platforms robbing investors

KARREN VERGARA  |  FRIDAY, 20 AUG 2021
... not protected if the platform fails or is hacked, and cannot make a complaint with the Australian Financial Complaints Authority. ASIC said it understands that some unlicensed overseas platforms are taking or have already taken steps to prevent Australian ...

CSLR unfairly locks out some victims: Maurice Blackburn

ELIZABETH MCARTHUR  |  MONDAY, 16 AUG 2021
... compensation 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 ...

Industry associations slam last resort scheme

KARREN VERGARA  |  FRIDAY, 13 AUG 2021
... changes to the scheme. The draft legislation proposes the CSLR to be a subsidiary of the Australian Financial Complaints Authority. This adds unnecessary red tape by requiring ASIC to administer invoices and payments and significantly increases the government's ...

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 ...

Six new ombudsmen at AFCA

KARREN VERGARA  |  WEDNESDAY, 28 JUL 2021
The Australian Financial Complaints Authority welcomed six ombudsmen to the fold, three of which came from the financial services sector. ANZ head of legal, dispute resolution group Louise McAuliffe, and Westpac practice leader for business lending ...
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