Case Studies

The following case summaries highlight common issues and consumer tips. Cases can be filtered by subject below and names have been changed to protect confidentiality. Access to the full case study database is available for IFSO Scheme Participants in the Participant Area.

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Ms B was surprised when, after refinancing a loan, her adviser sent her an invoice for a “cancellati...
clawback fee service fee home loan Financial Advisers financial adviser cancellation

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Request to reduce life cover

Insurers and financial advisers must act with reasonable care and skill.

Shortly before he died, Sam asked his financial adviser to reduce his life insurance cover from $268,000 to $100,000.
Life Insurance Financial Advisers

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$189K romance scam

Financial Advisers must exercise reasonable care and skill.

When Andre, a quadriplegic, requested 5 withdrawals from the family investment, his adviser followed instructions.
Financial Advisers

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Reduced investment values

Advisers are not responsible for financial markets or investment returns. Ask questions.

When Leo asked his adviser to cash in his investments, he receive $6,000 less than his adviser had previously indicated.
Financial Advisers

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Adviser completes insurance application

Best practice is to complete insurance application forms yourself. Make sure your insurer has all the information.

Mr Brown’s trauma insurance claim was declined as the insurer didn’t have important medical information.
Financial Advisers

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Miscommunication costs

Check changes to insurance documents are understood and recorded correctly

A company asked its financial adviser to changes its truck insurance policy to cover a temporary rental truck.
Financial Advisers Vehicle Insurance

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Homeloan refinance ended up costing

Read contracts before you sign. If you repay or refinance your loan early, you may be charged a fee.

When Matiu paid off his home loan, his adviser charged him an a fee of $1,351 which he wasn’t expecting.
Financial Advisers

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