News : AFCA

AFCA

AFCA wholesale view the new normal

AFCA’s view on who can be considered a wholesale client is binding on SMSFs since no other government or regulatory guidance has contradicted it.

AFCA’s view on who can be considered a wholesale client is binding on SMSFs since no other government or regulatory guidance has contradicted it.

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AFCA, Compliance, financial advice, Financial Planning, SMSF

Structure not at heart of SMSF complaints

SMSF complaints received by AFCA have been caused by poor and conflicted advice and not by the underlying fund structure.

SMSF complaints received by AFCA have been caused by poor and conflicted advice and not by the underlying fund structure.

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AFCA, Compliance

Noticeable rise in SMSF complaints

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, complaints, Australian Financial Complaints Authority, AFCA, conflicted advice, inappropriate use, client’s best interest, Compensation Scheme of Last Resort, United Global Capital, Shield Master Fund, First Guardian Master Fund, Brite Advisors

Cases involving SMSFs registered with the Australian Financial Complaints Authority jumped by 95 per cent in the 2025 financial year.

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AFCA, Investments

AFCA holds stance on wholesale investors

self managed super, self managed superannuation, SMSF, retail investor, $10 million, Australian Financial Complaints Authority, AFCA, Shail Singh, Patrick Hartney, wholesale investor, definition, SMSF trustee, financial service

AFCA has reiterated the wholesale investor test will only apply for an SMSF when it has more than $10 million and other assets are not considered.

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AFCA, financial advice, Financial Planning

AFCA should name and shame

SMSF Association, Australian Financial Complaints Authority, AFCA, publicise determinations, unpaid determinations, Compensation Scheme of Last Resort, CSLR, Peter Burgess, submission

Major professional bodies say the threat of publication will provide bad actors with an additional incentive to pay their AFCA fines.

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AFCA

AFCA approach doesn’t mean higher payouts

Australian Financial Complaints Authority, AFCA, Compensation amounts, CSLR, Compensation Scheme of Last Resort, Shail Singh, Patrick Hartney,

AFCA has explained the use of actual loss as a basis for awarding consumer compensation will not result in smaller payouts.

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AFCA, Compliance

AFCA states SMSFs are not a problem

AFCA, CSLR, Australian Financial Complaints Authority, Compensation Scheme of Last Resort, CSLR, Business As Usual, BAU,

AFCA has admitted advice involving the use of SMSFs and not the funds themselves is triggering a large number of complaints it is receiving.

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AFCA, Compliance, SMSF

Wholesale investor test clarified

Wholesale investor, Australian Financial Complaints Authority, AFCA, Patrick Hartney, Shail Singh, Australian Securities and Investment Commission’s, ASIC,

AFCA has provided some context as to how ASIC’s enforcement approach to the wholesale investor rules will apply to individuals in practical terms.

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AFCA, Investments

AFCA ruling jeopardises SMSFs

AFCA determination, Australian Securities and Investments Commission, ASIC, SMSF Association, Peter Burgess, Australian Financial Complaints Authority, AFCA,

A significant number of SMSF trustees may be adversely affected by a recent AFCA determination regarding the wholesale investor definition.

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AFCA

AFCA can assess shut fund claims

Australian Financial Complaints Authority AFCA Alexandra Sidoti SMSF Self-managed superannuation Determination compensation

AFCA will consider compensation claims for SMSFs that have been wound up before a determination has been made, but would act for the fund and not individual trustees.

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