News : AFCA

AFCA, SMSF

Set-up balance not critical for AFCA

The minimum balance used to establish an SMSF is not a single determining factor for AFCA when processing an individual’s complaint.

The minimum balance used to establish an SMSF is not a single determining factor for AFCA when processing an individual’s complaint.

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AFCA, financial advice, SMSF

SMSF recommendation not about one thing

AFCA has cautioned advisers over the practice of recommending an SMSF for a client based on one particular characteristic they are demonstrating.

AFCA has cautioned advisers over the practice of recommending an SMSF for a client based on one particular characteristic they are demonstrating.

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AFCA, financial advice, Financial Planning

FAAA demands end to phoenixing

The FAAA wants phoenixing to be addressed by the AFCA rules so Dixon Advisory-type collapses can be avoided.

The FAAA wants phoenixing to be addressed by the AFCA rules so Dixon Advisory-type collapses can be avoided.

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AFCA, ASIC, Investments, SMSF

AFCA, ASIC on same page on wholesale investor

AFCA holds the same view as ASIC on who is a wholesale investor and they differ only in the actions taken in regards to that definition.

AFCA holds the same view as ASIC on who is a wholesale investor and they differ only in the actions taken in regards to that definition.

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AFCA, financial advice, Investments, Regulation, SMSF

Wholesale investor definition is the law

AFCA has stated its view that SMSFs are wholesale investors is based squarely on the law and it has yet to see a viable counterargument.

AFCA has stated its view that SMSFs are wholesale investors is based squarely on the law and it has yet to see a viable counterargument.

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AFCA, financial advice, Financial Planning

Shield, First Guardian complaints to grow

Financial advice complaints received by AFCA increased markedly last year, with more expected due to the collapse of Shield and First Guardian.

Financial advice complaints received by AFCA increased markedly last year, with more expected due to the collapse of Shield and First Guardian.

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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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