AFCA reinstates UGC for another 6 months
The Australian Financial Complaints Authority (AFCA) has increased the window for consumers impacted by the Shield and First Guardian Master Fund collapses by reinstating United Global Capital until March, next year.
AFCA announced its decision saying it is in response to information that emerged since UGC was originally expelled from AFCA membership in May following its entry into liquidation and the cancellation of its AFSL.
AFCA’s statement said, however, it is now clear that:
- Many consumers did not understand the connection between the financial advice they received from UGC and the collapse of Shield and First Guardian.
- A number of potentially eligible consumers were unable to lodge complaints in time.
“This is a targeted, time-bound decision made in the public interest, and under exceptional circumstances. It gives certainty to both affected consumers and industry,” the statement said.
“AFCA continues to work closely with stakeholders to ensure impacted consumers have accurate and timely information.”
Macquarie are giving back the money at a minimum can you make all the super funds involved refund the money please
AFCA will do anything possible to extend complaints times and add to the CSLR mountain
How about make it 2.5 years like AFCA did with Dodgy Dixon’s
I look forward to my higher CSLR payment, cheers AFCA!
The net impact of extending AFCA memberships is to punish honest advisers rather than dodgy perpetrators. It’s bad enough this moral hazard exists in the first place, it’s outrageous AFCA actively makes it worse.