The estimated sum for the initial Compensation Scheme of Last Resort levy has been calculated, with the regime expected to start receiving claims in April.

AFCA’s chief ombudsman David Locke has stated the magnitude of complaints received by the body is growing at an “unsustainable rate” and urged companies to improve their internal resolution processes.

A decade on from the UK’s Retail Distribution Review, the country still faces a shortage of financial advisers and digital advice has not necessarily provided the solution, according to Iress’ managing director for wealth.

Simon Swanson has resigned from the board of Centrepoint Alliance, just four months after being appointed as chair.

Four directors of Endeavour Securities and Linchpin Capital Group have been penalised by the Federal Court for multiple failings on a registered managed investment scheme, with one individual rapped for his “lack of remorse or contrition”.