News : AFCA

Dixon compensation may exceed $135m

July 11, 2024

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

June 24, 2024

Todd Wills

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

June 4, 2024

Jason Spits

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

May 29, 2024

Todd Wills

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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AFCA

Financial hardship complaints rise in 2023

April 8, 2024

Todd Wills

AFCA has expressed concerns about financial firms neglecting to address requests for hardship assistance after receiving a substantial number of complaints in this area throughout 2023.

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AFCA, financial advice, Regulation

CSLR now in operation

Compensation Scheme of Last Resort CSLR Misconduct Financial services industry

April 2, 2024

Todd Wills

Commencing today consumers can use the Compensation Scheme of Last Resort for unpaid monies from AFCA determinations.

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AFCA, Compliance, Regulation

Declaration can be used as disclaimer

Disclaimer Trustee declaration statement AFCA Legal protection

February 27, 2024

Todd Wills

Practitioners may reissue fund establishment documents to SMSF clients as a precautionary measure to protect against potential legal threats in the future.