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Showing 141 - 150 of 187 results for "Advice Review"

Major ASIC project finds serious financial advice concerns

ALEX BURKE  |  FRIDAY, 17 MAR 2017
... December 2016. This was paid to approximately 1347 customers affected by 97 SCC advisers, and excludes CBA's Open Advice Review remediation program. $5,928,821 was paid in response to customer complaints, $22,765,365 was paid under previous or existing ...

CBA to pay $23 million for poor advice

JAMIE WILLIAMSON  |  WEDNESDAY, 8 FEB 2017
... Commonwealth Financial Planning and Financial Wisdom customers who requested an evaluation as part of CBA's Open Advice Review program; more than 8600 cases in total since its establishment in July 2014. In a statement CBA executive general manager advice ...

CBA defends 'incorrect' personal advice claims

JAMIE WILLIAMSON  |  MONDAY, 16 JAN 2017
... now-deceased customer. Last week Fairfax revealed CBA is working through a $68,000 compensation claim as part of its Open Advice Review program, with the key complaint being that a customer, Raymond Kataryna, was given personal advice by a bank teller ...

Carwardine to undergo external advice review

KERRIE SYDEE  |  WEDNESDAY, 7 DEC 2016
Carwardine Financial Services will undergo an independent external review of its compliance after ASIC surveillance identified a number of concerns. ASIC's surveillance concluded in September 2016 and identified a number of issues with Carwardine's ...

ASIC probe reveals 185 more CBA compo cases

KERRIE SYDEE  |  TUESDAY, 6 DEC 2016
... advisers. ASIC has not proposed taking any further action. Commenting on the report, CBA executive general manager advice review program, Leif Gamertsfelder said: "This report shows we have continued to deliver on our commitment to customers and demonstrates ...

More poor customer outcomes expected: Narev

JAMIE WILLIAMSON  |  WEDNESDAY, 5 OCT 2016
... more than 10% of advice customers had received inappropriate advice. "Of the 8000 people, roughly, who wanted their advice review, 6000 reviews have now been done. So far we have seen that in nearly 90% of those cases the advice given was proved to be ...

CBA offers $9.4m in compensation

ALEX BURKE  |  MONDAY, 5 SEP 2016
CBA has provided an update on its Open Advice Review, saying it has offered $9.4 million in compensation to customers. The bank contacted 350,000 at the review's outset, 8,600 of whom requested a review. So far, 5,300 of those requested assessments ...

CBA offers more than $4m in compensation

KERRIE SYDEE  |  THURSDAY, 2 JUN 2016
The Commonwealth Bank of Australia (CBA) has offered $4,857,974 in compensation as part of its Open Advice Review program, which has seen over 9000 cases submitted for review. CBA independent expert, Promontory Financial Group, has released its fifth ...

ASIC orders HSBC remediation plan for "deficient" advice

ALEX BURKE  |  TUESDAY, 17 MAY 2016
ASIC has accepted an enforceable undertaking (EU) from HSBC Bank Australia concerning "potentially deficient advice" provided on retail structured products. The advice in question was provided between January 2009 and March 2013, affected 464 out of ...

CBA says most customers received appropriate advice

ALEX BURKE  |  TUESDAY, 2 FEB 2016
The fourth update on CBA's Open Advice Review has been released, which the bank said is evidence that the "majority of customers" assessed so far received appropriate advice. The report, prepared by Promontory Financial Group, is based on the nearly ...