News : AFCA

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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AFCA

SMSF complaints to AFCA fall

Australian Financial Complaints Authority AFCA Financial advice complaints SMSF Self-managed superannuation

There has been an overall decline in advice-related complaints received by the Australian Financial Complaints Authority, including those involving SMSFs.

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AFCA, financial advice, Regulation

Dixon compensation may exceed $135m

Australian Financial Complaints Authority AFCA CSLR Compensation Scheme of Last Resort Dixon Advisory FAAA Financial Advice Association Australia Compensation Advisers

Financial advisers may have to cover over $135 million in compensation claims due to the collapse of Dixon Advisory, reigniting calls for a review of the CSLR funding model.

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AFCA, BDBNs, Superannuation

Federal court upholds BDBN decision

Corbisieri Nguyen BDBN AFCA Nguyen v Australian Financial Complaints Authority [2024] FCAFC 77 Federal Court

The Federal Court has ruled a suicide note sent via text message was not sufficient to terminate a relationship for the purposes of a binding death benefit nomination.

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AFCA, Regulation, SMSFA

Govt should pay all Dixon claims

SMSF Association Dixon Advisory Compensation Scheme of Last Resort Peter Burgess

The government should recommit to funding all compensation claims related to Dixon Advisory to remove the unfair financial burden they will place on advisers.

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AFCA, financial advice, Regulation

Dixon AFCA membership termination supported

FAAA Dixon Advisory CSLR AFCA

The FAAA has supported a proposal to cancel Dixon Advisory’s AFCA membership, citing concerns compensation linked to the case is adding to an unsustainable levy for advisers.

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