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Showing 221 - 230 of 1725 results for "Provisio"

ASIC appeal in CBA, CFS case dismissed

JAMIE WILLIAMSON  |  THURSDAY, 17 AUG 2023
Having had its initial conflicted remuneration case against Commonwealth Bank and Colonial First State dismissed in September 2022, ASIC's appeal of that decision has also now been dismissed. The case was first brought by ASIC in June 2020 and related ...

ASIC proposes five-year extension to DDO

ANDREW MCKEAN  |  WEDNESDAY, 16 AUG 2023
ASIC has proposed a five-year extension to the design and distribution obligations (DDO), the instrument for which was originally set for a two-year period. DDO was introduced following a recommendation from the 2019 Financial System Inquiry to compel ...

AMP provisions $50m in response to class action

ANDREW MCKEAN  |  THURSDAY, 10 AUG 2023
Amid the Financial Adviser Class Action fallout, AMP has suspended its capital return, with a resolution expected by year-end. AMP has set aside a $50 million provision, reflecting its preliminary assessment of potential liabilities associated with ...

Former advisers costs CBA $1.2bn in remediation

KARREN VERGARA  |  WEDNESDAY, 9 AUG 2023
Commonwealth Bank's $1.2 billion bad advice remediation bill represented a small fraction of its whopping $10.2 billion profit, the full-year financial results show. The total customer remediation amounted to a huge $2.6 billion in the 2023 financial ...

Wall Street firms slugged $442m for recordkeeping breach

KARREN VERGARA  |  WEDNESDAY, 9 AUG 2023
BNP Paribas Securities, Moelis & Company, and Wells Fargo are among 11 firms that copped massive fines that totalled US$289 million ($442m) after the Securities and Exchange Commission (SEC) found that they used personal apps to conduct business. From ...

Trustees lack urgency, strategy on RIC: Regulators

KARREN VERGARA  |  TUESDAY, 18 JUL 2023
A joint regulatory review finds that superannuation funds are shrugging off the urgency to offer robust retirement income strategies and are failing to integrate this mandate into their business plans. One year since the Retirement Income Covenant took ...

KPMG recommends gender-focused super reforms

ANDREW MCKEAN  |  MONDAY, 17 JUL 2023
KPMG has proposed superannuation reforms targeted at home carers and recipients of paid parental leave to help close the gender gap. The KPMG Towards Gender Equity in Retirement report recommended the government consider adding superannuation contributions ...

Leigh Watson caps four decades in industry

ELIZABETH FRY  |  FRIDAY, 14 JUL 2023
After 43 years working in the financial services industry, Leigh Watson feels it's time to step back from full-time work and spend more time with family and friends. Watson left Swiss Re on June 30 after nine years as the head of life & health reinsurance ...

Ignition Advice appoints chief platform, technology officer

ANDREW MCKEAN  |  THURSDAY, 6 JUL 2023
Ignition Advice has strengthened its global executive team with the appointment of Enda Mahoney as chief platform and technology officer. He will be based in Sydney and report to Ignition Group chief executive Terry Donohoe. In the newly created role ...

Calastone, Schroders collaborate on tokenised investment vehicle

ANDREW MCKEAN  |  TUESDAY, 27 JUN 2023
Calastone and Schroders are collaborating to explore the capabilities of a tokenised investment vehicle for variable capital companies. The collaborative endeavour seeks to manufacture and distribute tokenised investment vehicles via Calastone's Distributed ...