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Compensation scheme must go beyond advice: AFCA

The Australian Financial Complaints Authority has reaffirmed its support for a compensation scheme of last resort for victims of financial misconduct and has backed the government’s call to extend the scheme beyond the provision of financial advice.

Compensation scheme must go beyond advice: AFCA
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  • Shared by the ifa
  • February 11, 2020
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In its submission to Treasury’s consultation on the scheme, which closes on Friday, AFCA said the type of financial service or product through which a consumer had suffered losses should be irrelevant to their ability to receive compensation in the event that the relevant firm was insolvent.

Read more at the ifa

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