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ASIC secures $160m in remediation over junk credit insuranceBY ALLY SELBY | THURSDAY, 14 MAY 2020 12:23PM
ASIC has announced it has secured $160 million in remediation for consumers sold junk credit insurance from 11 major banks and lenders between 2011 and 2018.
Read more: ASIC, Karen Chester, ANZ, Australian Central Credit Union, Bank of Queensland, Bendigo and Adelaide Bank, Citigroup, Commonwealth Bank, Credit Union Australia, Latitude Finance Australia, NAB, Suncorp-Metway, Westpac
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Pendal Group has made year-long fee cuts on two funds, as it sees the Reserve Bank of Australia holding the cash rate at the record-low of 0.25%.
Standard & Poor's has downgraded AMP Limited's credit rating from BBB+ to BBB, with all AMP Group entities on CreditWatch with negative implications.
ME Bank chief executive Jamie McPhee has resigned after weathering scrutiny over the bank's adjusting of redraw facilities for mortgage customers and its relationship with the industry funds that own it.
At a time when many Australians are engaging directly with their superannuation fund for the first time, member satisfaction appears mixed, with two separate surveys producing some opposing views.
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