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Showing 151 - 160 of 187 results for "Advice Review"

More CBA-aligned advisers under scrutiny

DARREN SNYDER  |  THURSDAY, 17 DEC 2015
... whether CFPL and FWL have complied with their additional AFS licence conditions, including the implementation of an advice review and client compensation activities arising from KordaMentha Forensic's first two reports.

ASIC bans NAB-aligned adviser

DARREN SNYDER  |  TUESDAY, 15 DEC 2015
A financial adviser linked with National Australia Bank (NAB) owned Meritum Financial Group has been banned for six years by the Australian Securities and Investments Commission (ASIC). NAB has welcomed ASIC's action against Mark Tidbury after the bank ...

CBA whistleblower flags unfair compensation

ALEX BURKE  |  THURSDAY, 29 OCT 2015
CBA has been accused of severely mishandling its Open Advice Review program by a former employee. Former Open Advice Review assessment manager Russell Phillips alleged at the Senate Standing Committees on Economics Scrutiny of Financial Advice public ...

CBA publicly welcomes former staff bans

MARK SMITH  |  THURSDAY, 8 OCT 2015
... and to the police, and has co-operated in the ongoing investigations. The move comes amid the bank's ongoing Open Advice Review program which has so far compensated 19 clients and paid out just under $500,000. CBA has hired 613 employees to investigate ...

CBA's advice review compensates 19 clients

LAURA MILLAN  |  WEDNESDAY, 30 SEP 2015
... clients. In total, the bank has offered $950,252 in compensation, but paid $488,815 as of 31 August 2015. The Open Advice Review program was set up after media leaks and a subsequent parliamentary inquiry uncovered numerous cases of bad advice and a ...

Advisers to remain at centre of CBA: Narev

MARK SMITH  |  WEDNESDAY, 22 JUL 2015
... bank has responded to the problems within its advice business, paying out $52 million so far as part of the Open Advice Review Program. "Under Annabel [Spring]'s leadership and Marianne [Perkovic]'s leadership over three years we have spent tens of millions ...

CBA compensation payments total $79,702 so far

LAURA MILLAN  |  FRIDAY, 29 MAY 2015
The Commonwealth Bank (CBA) Open Advice Review program has paid $79,702 to five clients who received bad advice from the bank's financial planners, while most clients are still reviewing the compensation proposal. Independent expert for the compensation ...

AMP deflects ASIC attack reports

ALEX BURKE  |  THURSDAY, 21 MAY 2015
Australia's largest financial planning institution, AMP, has distanced itself from reports it's being specifically targeted in an ASIC investigation. Unconfirmed sources suggested AMP had received instruction from ASIC to provide transactional and product ...

CBA shares down on flat profit

AAP  |  WEDNESDAY, 6 MAY 2015
... Meanwhile, expenses rose faster than in previous quarters due to higher regulatory costs and provisions linked to its advice review program. Growth in the bank's home loans division was also not as strong as its peers, with the Commonwealth saying it ...

ASIC developing regulatory guide for advice remediation

ALEX BURKE  |  WEDNESDAY, 6 MAY 2015
... advice remediation programs for Australian financial services licensees. The regulator has participated in numerous advice review programs for major financial advice institutions, most notably CBA, to determine instances where clients have been compromised ...