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Showing 111 - 120 of 473 results for "remediation"

CommSec, AUSIEX to pay $27m penalty

JAMIE WILLIAMSON  |  WEDNESDAY, 26 OCT 2022
... and controls relating to CommSec and AUSIEX's services be carried out, along with a review of their respective remediation processes. Commonwealth Bank said it has already paid total remediation of $6.5 million including interest. "It is essential ...

ASIC updates remediation rules

CHLOE WALKER  |  TUESDAY, 27 SEP 2022
The corporate regular has refreshed guidance on remediation activities, as it reveals close to $2 billion in redress remains unpaid. Over the past six years, ASIC has overseen at least $5.6 billion in remediation for an estimated seven million consumers ...

AMP cops $14.5m penalty over fees for no service

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
... took action to rectify the issue, self-reported it to ASIC, apologised to customers and subsequently completed the remediation of affected members." "The remediation was completed in November 2019, with approximately 2,500 customers being remediated ...

SMSFA calls for budget amendments

CASSANDRA BALDINI  |  WEDNESDAY, 7 SEP 2022
... providing practical regulatory and compliance relief for minor breaches of the non-geared unit trust rules. "Currently remediation is strictly limited to the winding up of the unit trust that can be costly and have a severe impact on the fund." It concluded ...

Remediation bills revealed amid call for levy freeze extension

JAMIE WILLIAMSON  |  WEDNESDAY, 24 AUG 2022
... freeze. The figure is the total from ASIC show AMP, ANZ, Commonwealth Bank, Macquarie, NAB and Westpac's respective remediation programs that were commenced following the regulator's reviews into fees for no service and how large institutions oversee ...

ASIC response to Freedom Insurance saga continues

JAMIE WILLIAMSON  |  WEDNESDAY, 17 AUG 2022
ASIC has so far secured more than $102 million in remediation for Freedom Insurance customers and is urging anyone else who purchased life cover through the now-defunct insurer to come forward. Freedom Insurance went out of business after ASIC's review ...

CSLR establishment is critical: FPA

CHLOE WALKER  |  FRIDAY, 12 AUG 2022
... Once lapsed, former clients will not be able to file a complaint and will therefore not be eligible for any potential remediation. However, the CSLR has not yet been established, and FPA chief executive Sarah Abood has called for immediate action. "The ...

NAB falls after cost growth revision

ANDREW MCKEAN  |  TUESDAY, 9 AUG 2022
... productivity. FY22 cost growth is now expected to be approximately 3-4% which includes a top-up payroll and customer related remediation provisions of $60-100 million for existing matters. Nevertheless, NAB posted unaudited cash earnings of $1.8 billion ...

Contact AFCA now: ASIC urges Dixon Advisory clients

JAMIE WILLIAMSON  |  THURSDAY, 4 AUG 2022
... complaint does not guarantee a compensation outcome, by doing so former clients preserve their possible eligibility for remediation under the proposed Compensation Scheme of Last Resort, ASIC said. ASIC also noted that eligibility for compensation also ...

$150m capital overlay no more for Allianz Australia

CHLOE WALKER  |  FRIDAY, 15 JUL 2022
... Prudential Inquiry into Commonwealth Bank. The capital penalty was to remain in place until the insurer completed remediation work to strengthen risk management and close gaps identified in its self-assessment and was lowered to $150 million in December ...