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Showing 1 - 10 of 93 results for %22Financial Services Ombudsman%22

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
Financial advisers must be mindful of the "legal uncertainty" that exists when applying the appropriate wholesale test on self-managed super funds (SMSF), according to the Australian Financial Complaints Authority (AFCA). AFCA senior ombudsman Alex ...

DASS compensation drags AFCA, lead decision published

KARREN VERGARA  |  FRIDAY, 16 FEB 2024
Compensating Dixon Advisory and Superannuation Services (DASS) victims continues to eat up the Australian Financial Complaints Authority's (AFCA) time and resources, so much so that a "lead decision" has been published to expedite the process. The complaints ...

AFCA secures $1.2bn in refunds

CASSANDRA BALDINI  |  TUESDAY, 21 NOV 2023
... said. "An ombudsman service also plays an important role in supporting public confidence in engaging with the financial services sector, because we are here to help when consumers and firms can't resolve disputes on their own. We work to contribute ...

AFCA chief to serve second term

JAMIE WILLIAMSON  |  THURSDAY, 13 APR 2023
... Locke said he is honoured to have been invited to stay on. "AFCA plays a very important role in Australia's financial services system, and it is a great privilege to lead such an amazing group of people who are passionate about access to justice and ...

Advice complaints decelerate: AFCA

KARREN VERGARA  |  WEDNESDAY, 8 MAR 2023
The number of financial advice-related complaints has slashed by nearly half in the last year, according to the Australian Financial Complaints Authority (AFCA). AFCA registered 2211 financial advice-related complaints in 2022, the majority of which ...

AFCA secures $900m in compensation

CASSANDRA BALDINI  |  MONDAY, 21 NOV 2022
... stressful." Locke added that AFCA's role is not just in resolving disputes but also about working with the financial services industry to help it improve practices A Treasury-led review found AFCA was "performing well in a difficult operating environment ...

No surprise advice industry fears ASIC: Panel

CASSANDRA BALDINI  |  FRIDAY, 23 SEP 2022
... acting lead ombudsman Shail Singh. Addressing the audience at AFA Thrive, Anderson said former minister for financial services and superannuation Jane Hume suggested regulatory uncertainty contributed to a problem of inefficient advice processes by adding ...

Commonwealth Bank profit nears $10bn

CASSANDRA BALDINI  |  WEDNESDAY, 10 AUG 2022
... in retail banking services of $22 million or 69% to $10 million, due to the wind-down and closure of the Commonwealth Financial Planning (CFP) business. Insurance income also took a significant hit, coming in at $73 million - a decrease of $72 million ...

Natalie Cameron named AFCA lead ombudsman

ANDREW MCKEAN  |  THURSDAY, 7 JUL 2022
... ombudsman and chief executive David Locke said: "Natalie brings to this role a wealth of experience in law, financial services and dispute resolution." "She has already made an outstanding contribution as a lead ombudsman, both in investments and advice ...

AFCA adopts user pays funding model

CASSANDRA BALDINI  |  TUESDAY, 31 MAY 2022
... pays' model, the Australian Financial Complaints Authority's new funding model will see the vast majority of financial services firms pay the same or less than they have previously. The new funding model follows extensive consultation with industry and ...
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