According to updated FY2026 data from the Australian Financial Complaints Authority, Interprac Financial Planning has received another 535 complaints since November last year.
Including the 121 complaints received in FY2025, that brings the total amount to 1,277. Interprac is currently the leading source of advice-related AFCA complaints, with the next four firms on the list – Financial Services Group Australia, United Global Capital, MWL Financial Services and Next Generation Advice – receiving 364, 335, 218 and 61 complaints in FY2026 respectively.
Because of Interprac’s lawsuit against AFCA, the majority of complaints received over this period have essentially been put on hold. While AFCA is still accepting Interprac-related complaints, no formal decisions will be made until legal proceedings are resolved.
Complicating this issue further, AFCA has advised ASIC of non-payment of an Interprac determination made prior to the current legal proceedings, which means ASIC can now take action against the firm. And if Interprac fails to pay the determination, it could be forced into liquidation.
Should that occur, advisers can expect the majority of Interprac complaints to end up in the CSLR, as Financial Advice Association Australia chief executive Sarah Abood predicted during the 2026 Evolution of Advice Summit in Sydney last week.
Abood told attendees that advisers will likely “pay for Interprac when the dust settles,” referring to the looming $137.5m CSLR levy for FY2027.
As discussed last week, it’s still unclear how big of an impact Inteprac would have on the CSLR’s costs. Based on ASIC court documents, around 6,843 Interprac clients were directed to invest a total of $142.9 million in Shield and First Guardian.
So how much of the compensation for these complaints will be paid by the theives at Shield and First Guardian who misappropriated (stole) the investors money?
Nothing. Old mate recently had to sell his cemetery plot to pay for his lawyer, and his lambo was sold at auction to pay liquidator fees. They just walk away. It’s appalling.
That be none or next to none, as first Jonesy totally killed Advosers leaving MIS out of CSLR funding.
Now Danny Boy wants to do the same or maybe get MIS to pay a pittance under some waterfall rubbish.
Include Dodgy Dixons MIS blow up and MIS are by far the biggest contributor and yet somehow corrupt Canberra keeps MIS out of CSLR.
InterCrap will be begging ASIC to make them insolvent and dump the whole stinking mess onto CSLR.
InterCrap / Sequoia / Garry Crole / their dodgy Advisers, etc should be made to pay anything and everything they have to fund this stench.
Along with the other wrongdoers like MIS, Research, etc
Its the along with other wrong doers which is the issue. Just like Dixon’s why should this fall on other advisers. Only difference is Dixon’s advice manager now works at asic. Yes IP should pay for advice failures but not the product failure. Sacpegoating