Who do you approach to find out if you're a victim?

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Hi Ros,

You can make a public submission to the royal commission here: https://financialservices.royalcommission.gov.au/Public-submissions/Pages/default.aspx

- Money team

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Great article.

I am Executor of my late parent's Estate. Their financial affairs were exclusively controlled by a Financial Planner. They started off with $1.7m. 13 years later there was less than $1m left. Planner would not willingly hand over records unless paid well over $10K. Planner retained a top lawyer to fight me every step of the way. So I paid the fee and merely got several hundred pages of uncollated PDF files. I discovered the planner has charged well over $300,000 in Planner Fees, most of which were never agreed to by the PofA and 'extra' fees on top of those agreed in the Fee Disclosure Statement. In the first year, the planner charged over $50K to manage a small share portfolio. No annual reviews were ever undertaken except for a simple "Snap Shot" document produced only 6 times. No Fee Disclosure Statement was ever sent (a post FOFA requirement). Pure Age Abuse as my parents were in their 80's when becoming "Clients". It's a mess.

My info gathering is now complete. Who do I take this info to to get redress?

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Hi Ian,

We're sorry to hear that.

You can make a complaint to the Australian Financial Complaints Authority here https://www.afca.org.au/make-a-complaint or by phoning 1800 931 678.

Good luck!

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