The Australian Financial Complaints Authority (AFCA) published a video update on how it is progressing financial advice complaints linked to the collapse of the Shield and First Guardian Master Funds, including the publication of new lead decisions intended to guide outcomes for similar complaints. To support fairness and consistency, complaints are being grouped by firm and progressed in the order received within each group, with dedicated teams focused on each firm’s issues and themes. A lead decision is an AFCA determination on a representative complaint that sets direction for resolving a wider group of complaints sharing common facts or issues. AFCA has now issued lead decisions for MWL Financial Services, Financial Services Group Australia, United Global Capital (UGC), and UGC together with Next Generation Advice, and made them available on its website and searchable through its complaints portal. With lead decisions in place, AFCA can progress other complaints in those groups more efficiently and is encouraging solvent firms to settle outstanding complaints in line with the relevant lead decision, while noting that each complaint will still be investigated and determined on its own circumstances. AFCA plans to continue issuing further lead decisions and providing updates as they are published.

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