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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.
AFCA has confirmed to Money Management when it will start issuing determinations on Dixon Advisory complaints with a view to the Compensation Scheme of Last Resort’s introduction in April 2024.
It may be tougher for wholesale investors looking to the Australian Financial Complaints Authority to help resolve a dispute as the authority tightens its rules on how it assesses their complaints.
Financial advice firms are "problematically" sidestepping compensation payments after the Australian Financial Complaints Authority (AFCA) hands down a decision, using the excuse that they do not have professional indemnity insurance (PII).
SMSF property disputes have been highlighted as one of the “systemic problems” with which the Australian Financial Complaints Authority is dealing. In its latest Systemic Issues Report 2022-23,