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Showing 191 - 200 of 241 results for "OMB"

NAB fined $40m over British bank failings

DARREN SNYDER  |  THURSDAY, 16 APR 2015
National Australia Bank's British bank (Clydesdayle) recently received a record fine nearing $40 million for lying to the United Kingdom's Financial Ombudsman Service as well as adopting inappropriate complaint policies. The UK's Financial Conduct Authority ...

FOS decries unpaid compensation

DARREN SNYDER  |  TUESDAY, 14 APR 2015
The Financial Ombudsman Service believes a limited compensation scheme is the missing piece from regulatory discussions and suggested improvements in Australia's financial system. The call comes as part of the service's submission to the Financial System ...

Perpetual partners The Fold to help accountants

MARK SMITH  |  TUESDAY, 7 APR 2015
Perpetual Private has announced a new partnership program for independent accountants. The new program offers accountants the opportunity to "partner with trusted organisations to retain their independence and extend their advisory capabilities," Perpetual ...

Financial services companies owe consumers $15m compensation

LAURA MILLAN  |  MONDAY, 2 FEB 2015
Financial services providers owe consumers about $15 million in unpaid compensation, according to the Financial Ombudsman Service (FOS). The latest edition of The FOS Circular reveals that since January 1, 2010, a total of 26 financial services companies ...

FOS demands licensee-funded consumer protection scheme

LAURA MILLAN  |  MONDAY, 8 SEP 2014
All relevant entities licensed to distribute financial products should fund a default consumer protection scheme to ensure consumers are paid when awarded compensation, the Financial Ombudsman Service (FOS) asked in its submission to the Financial System ...

Maurice Blackburn mulls class action against Macquarie

LAURA MILLAN  |  MONDAY, 18 AUG 2014
Maurice Blackburn is considering starting a class action against Macquarie in light of the growing number of disgruntled Macquarie Private Wealth customers approaching the litigator. Maurice Blackburn head of the financial disputes department John Berrill ...

Macquarie forced to contact all advice clients for remediation

LAURA MILLAN  |  FRIDAY, 15 AUG 2014
Macquarie Equities Limited (MEL) must contact all clients who received advice from its financial planning arm, Macquarie Private Wealth (MPW), going back to 2004 following action from the regulator. Under the enforceable undertaking (EU) in place since ...

CBA, ASIC unveil details of new compensation scheme

LAURA MILLAN  |  FRIDAY, 8 AUG 2014
Commonwealth Bank (CBA) has revealed the details of the new licensing conditions for its financial planning businesses after the original process to compensate victims of poor advice was found to be inconsistent. Commonwealth Financial Planning (CFPL) ...

Macquarie tight-lipped on EU details

LAURA MILLAN  |  FRIDAY, 25 JUL 2014
Macquarie Group said that the Macquarie Private Wealth enforceable undertaking (EU) with the Australian Securities and Investments Commission (ASIC) is "on track," but refused to give more details about the process. An investor presentation made public ...

CBA opens up compensation review to all advice clients

LAURA MILLAN  |  THURSDAY, 3 JUL 2014
Commonwealth Bank (CBA) will set up a broad remediation program with independent oversight for all customers who received advice between 2003 and 2012. CBA chief executive Ian Narev spoke to the media a week after the Senate Economics Committee issued ...