CPD: Message understood? Key considerations and steps when providing financial advice to vulnerable clients

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Introduction Amidst an overall increased media and regulator focus on financial consumer protection, especially post the Hayne Royal Commission, the spotlight on ‘vulnerable’ financial consumers has become especially intense. Our population is ageing and becoming more culturally diverse at a time when financial products remain as complex as ever, and as we stand on the

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AFCA receives 70,000 financial complaints in 2020-21

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Australians in dispute with banks, insurers, super funds, investment firms and financial advisers lodged more than 70,000 complaints with the Australian Financial Complaints Authority (AFCA) in the past 12 months. They secured more than $240 million in compensation and refunds after seeking AFCA’s help, as well as outcomes such as fee waivers, debt forgiveness and apologies. In addition, AFCA’s investigations into a range

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