The Australian Financial Complaints Authority (AFCA) has published a series of videos featuring Shail Singh, Lead Ombudsman Investments and Advice, to explain how AFCA’s Rules and jurisdiction determine which entities consumers can complain about, including in the Shield and First Guardian matters. The materials emphasise that AFCA can only accept complaints about firms that are current members of its scheme and that its remit has specific limits for disputes involving the management of funds and schemes. The videos outline that consumers may encounter lead generators through cold calls or online platforms, and these entities are not always AFCA members, while financial advisers typically act under Australian Financial Services License holders that are AFCA members. For advice-related complaints, AFCA can consider issues such as inappropriate advice, missing or misleading information, and failure to follow instructions, and it notes complaints should usually be lodged against the licensee rather than an individual adviser. On fund and scheme management, AFCA states it cannot consider complaints about overall operation, management or investment performance of a managed investment scheme or superannuation fund, but it can consider matters such as misleading conduct in dealings with a consumer or errors in handling an account. For superannuation-related complaints, it distinguishes investments made via a self-managed superannuation fund (with no third-party APRA-regulated trustee) from those made through a super wrap product via an APRA-regulated super trustee, and identifies Macquarie, Equity Trustees, Netwealth and Diversa as trustees it knows were involved in the Shield and First Guardian matters. AFCA encourages consumers to lodge complaints about any and all entities they have concerns about where the investment journey is unclear, and points consumers to its Shield and First Guardian complaint resources and the Take Your Super Back tool to help identify the relevant licensee.
Australian Financial Complaints Authority 2026-03-20
Australian Financial Complaints Authority releases consumer videos clarifying which firms fall within its complaints jurisdiction
The Australian Financial Complaints Authority (AFCA) released videos with Shail Singh, Lead Ombudsman Investments and Advice, explaining AFCA's jurisdiction and complaint criteria. AFCA accepts complaints against current scheme members but not about managed investment schemes' or superannuation funds' management or performance. Complaints should be lodged against the licensee, not individual advisers, and distinguish between self-managed superannuation funds and those with APRA-regulated trustees.