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Advice burdens and ‘minimal’ client benefit noted under AFCA

Advice burdens and ‘minimal’ client benefit noted under AFCA

The new Australian Financial Complaints Authority is likely to provide little in terms of benefit to clients and just adds an extra burden to firms, according to one adviser.

by Shared by ifa | 8 Jan, 2019

Speaking to ifa, EFS Strategic director Michael Rees-Evans said the replacement of the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal with AFCA would have “minimal client impact”.