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Showing 161 - 170 of 899 results for "Compensation"

Former UniSuper chief appointed to CSLR board

ANDREW MCKEAN  |  TUESDAY, 16 JAN 2024
Former UniSuper chief executive Kevin O'Sullivan has been appointed to the Compensation Scheme of Last Resort (CSLR) transitional board as a non-executive director. O'Sullivan steps into the CSLR board role effective immediately, succeeding June Smith ...

2024 to be a watershed year: FAAA

JAMIE WILLIAMSON  |  THURSDAY, 11 JAN 2024
... areas which impact on members' costs of doing business, including the ASIC levy, and the implementation of the Compensation Scheme of Last Resort (CSLR)," Abood said. "Another key area of focus will be the use of technology in financial planning ...

AFCA reports unprecedented complaint spike

ANDREW MCKEAN  |  TUESDAY, 9 JAN 2024
... complaints involving financial hardship climbed by 29% over the same period. In 2023, consumers secured $304 million in compensation and refunds through AFCA, a 38% increase from 2022. "The volume of complaints escalated to AFCA has been increasing at ...

CSLR estimates $241m to fund backlog of complaints

JAMIE WILLIAMSON  |  TUESDAY, 9 JAN 2024
The board of the Compensation Scheme of Last Resort (CSLR) estimates $241 million will be needed to fund claims lodged with the Australian Financial Complaints Authority (AFCA) between November 2018 and September 2022. The CSLR is set to begin receiving ...

AFCA amends consumer compensation caps

KARREN VERGARA  |  TUESDAY, 9 JAN 2024
The Australian Financial Complaints Authority (AFCA) has revised the maximum amount consumers can claim for compensation. As of 1 January 2024, the maximum compensation amount a complainant can apply for is $1.263 million, which was previously $1.085 ...

Mitsubishi UFJ Financial Group to acquire Link Group

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... assessment if the deal is in the best interests of Link shareholders. Last week, Link Fund Solutions finalised the compensation amount of $438 million it will pay investors in the failed Woodford Equity Income Fund.

Woodford investors approve Link redress scheme

JAMIE WILLIAMSON  |  FRIDAY, 15 DEC 2023
Close to 100% of investors trapped in the failed LF Woodford Equity Income Fund have approved the compensation scheme under which up to $438 million will be paid by Link Fund Solutions. About 93.7% of investors - representing 96.1% of the value - voted ...

CSLR chief executive named

JAMIE WILLIAMSON  |  FRIDAY, 8 DEC 2023
The Compensation Scheme of Last Resort (CSLR) Transitional Board named the scheme's inaugural chief executive ahead of its planned commencement next April. David Berry has been appointed chief executive of the CSLR, effective December 11. Berry is currently ...

FCA mulls capital requirements for firms giving bad advice

ANDREW MCKEAN  |  THURSDAY, 30 NOV 2023
... competitors. That needs to change. It is important that the polluter pays," Pritchard said. The Financial Services Compensation Scheme (FSCS) paid out nearly £760 million for poor advice by insolvent personal investment firms between 2016 and 2022. ...

OnePath cops $5m fine over fees for no service

CASSANDRA BALDINI  |  THURSDAY, 30 NOV 2023
... admitted to the conduct and jointly agreed with ASIC to pay the penalty. Two allotments of $2.5 million served as compensation for both breaches. Despite the wrongdoing, court documents concede that OnePath did not deliberately seek financial gain through ...