Banks return $1.2bn for bad adviceBY ELIZA BAVIN | FRIDAY, 12 FEB 2021 12:16PMSix of Australia's largest banks have paid or offered a total of $1.24 billion in compensation to customers, according to new ASIC figures. Related News |
Editor's Choice
Australian dividend distributions rebound in Q3
|Australia saw a significant rebound in dividend distributions in the quarter to September 30, with the recovery attributable to BHP and the broader mining sector.
Aequitas hires from Vanguard again
|Aequitas Investment Partners has named a head of asset consulting, joining from Vanguard Australia.
RBA delivers another hike in split decision
|The Reserve Bank of Australia delivered its fifth interest rate hike this year, but the monetary board was split in its decision.
Sequoia profits tank as advisers flee
|Sequoia's Q1 revenue dropped close to 60% while also recording a profit loss. Despite this former chief executive Garry Crole took home more than $400k.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Jacqueline Fernley
CHIEF EXECUTIVE OFFICER
ARC POINT OCIO PTY LTD
ARC POINT OCIO PTY LTD
Jacqueline Fernley is a self-confessed nerd, a market animal and as of this year, her own boss. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
So-called remediation, based on formula-driven 'objective' audits set down for auditors with no regard for the necessary subjectivity of advice (and service) provided by the Advisers!
In fact, an attempt to divert attention away from the banks' corporate sins by blackening the characters and reputations of honest to goodness advisers, many of whom were quasi-employees of the banks, caring for the financial well-being of the banks' customers.
And many of whom have been financially ruined in consequence.
And, of course, who has paid for the 'remediations'? Not the banks' executives! No, the shareholders.
So much for executive responsibility!