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
Fidelity to roll out more active ETFs
The fund manager is looking to significantly boost its local lineup of active ETFs.
Prime Super finds new chief executive
Prime Super has appointed former Zurich chief of business transformation Raeline Seales as its new chief executive.
Performance test needs better metrics, durability
The superannuation performance test has several shortcomings that must be addressed in Treasury's latest round of consultation so it is fair and sustainable, the Actuaries Institute Summit heard.
Charles River appoints new head of APAC
The State Street-owned company will welcome a new head of Asia Pacific.
Products
Featured Profile
Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
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!