Australian Financial Complaints Authority

The days of the foreign letter promising an easy $20 million are long gone. Today, cyber criminals are highly sophisticated, and everyone needs to be on their guard – especially retirees.

The sharp spike in complaints, including nearly 54,000 against banking and finance businesses, shows the effects of financial stress from aggressive interest rate hikes and the explosion of scams, the financial ombudsman’s chief said.

If financial advice is provided to an SMSF it is important that the adviser consider both the personal circumstances of the members and of the fund itself, the ombudsman has ruled. A husband and wife, both directors of a self-managed super fund corporate trustee and also the members of the fund, visited a financial planner…