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Showing 1 - 10 of 222 results for "Australian Financial Complaints Authority"

Half of advice, super complaints result in no remedy

ELIZA BAVIN  |  WEDNESDAY, 4 DEC 2024
... regulatory activities, so industry can expect to hear more from ASIC on this issue." The Australian Financial Complaints Authority (AFCA) welcomed ASIC's report, saying it provided a "fuller picture of the consumer experience". "The publication of this ...

Firms treat CSLR as 'insurance policy': FAAA

KARREN VERGARA  |  MONDAY, 2 DEC 2024
As the number of AFSL cancellations pile up due to the non-payment of Australian Financial Complaints Authority (AFCA) determinations, far too many financial services firms are taking advantage of the Compensation Scheme of Last Resort (CSLR), treating ...

'But for' compensation methodology unfair: FAAA

KARREN VERGARA  |  FRIDAY, 29 NOV 2024
... "unfair" and "unsustainable" for the industry. The "but for" methodology is how the Australian Financial Complaints Authority (AFCA) calculates compensation and how it interplays with the Compensation Scheme of Last Resort (CSLR) raised concerns at the ...

AI no silver bullet for advice process, documentation: Experts

KARREN VERGARA  |  FRIDAY, 29 NOV 2024
... have to do face to face or via video." Lead ombudsman for investment and advice at the Australian Financial Complaints Authority (AFCA) Shail Singh told delegates that he has not yet come across complaints involving advice documents produced by AI and ...

AFCA names and shames in fresh Datacube release

ELIZA BAVIN  |  THURSDAY, 14 NOV 2024
The Australian Financial Complaints Authority (AFCA) has completed its latest update of the AFCA Datacube, which makes data on complaints publicly accessible to consumers and financial firms. This newest update adds data covering firms with four or ...

Bragg calls for Cbus to front Senate

ELIZA BAVIN  |  WEDNESDAY, 13 NOV 2024
... insurance claims at the point of a family bereavement," Bragg said. "It's clear from the Australian Financial Complaints Authority data that there are a lot of super funds that are not doing the right things when it comes to insurance claims. "When ...

Systemic issues impact 20k consumers: AFCA

MATTHEW WAI  |  MONDAY, 11 NOV 2024
The Australian Financial Complaints Authority (AFCA) revealed some of the most common systemic issues it saw in the second half of FY24, including continued non-compliance with the Protecting Your Super regime. According to the Systemic Issues Insights ...

Advisers must prioritise Conflicts Priority Rule: AFCA

KARREN VERGARA  |  MONDAY, 28 OCT 2024
After assessing a large volume of Dixon Advisory complaints, the Australian Financial Complaints Authority (AFCA) warned financial advisers of their responsibilities to manage conflicts of interest under the Conflicts Priority Rule. AFCA senior ombudsman ...

CSLR warns adviser levy will balloon

KARREN VERGARA  |  FRIDAY, 25 OCT 2024
... "complex and heavily dependent" on estimates of how many complaints will be resolved by the Australian Financial Complaints Authority (AFCA) and proceeds to the CSLR, said David Berry, the chief executive of the CSLR. It also depends on the inclusion ...

Queensland-based financial firm loses AFSL

MATTHEW WAI  |  FRIDAY, 25 OCT 2024
... wound up on August 23. ASIC specified that Next Gen must continue its membership of the Australian Financial Complaints Authority (AFCA) until 17 October 2025. Understood to have failed to comply with the above, ASIC cancelled the licence on October ...
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