Treasury urged to investigate AFCA 'coaching'

www.moneymanagement.com.au
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News summary.
Amid continuing complaints from advisers that they believe they have witnessed the Australian Financial Complaints Authority (AFCA) "coaching" complainants, the Federal Treasury is under pressure to address the issue.

The concerns about AFCA coaching have been raised in the context of Treasury's current review of AFCA alongside equal concerns about the manner in which the authority has also been perceived as inappropriately handling complaints from wholesale clients.

The concerns around AFCA coaching became public last year when the authority was censured by the NSW Supreme Court – something which then led to a change in the AFCA rules to address the issue.

Notwithstanding that rule change, the Financial Planning Association (FPA) has pointed out to Treasury that members have been raising complaints about the coaching by AFCA.

In its submission to Treasury as part of the AFCA review, the…
Mike Taylor
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