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Showing 221 - 230 of 481 results for "remediation"

CBA coughs up $5m over RC case study

ALLY SELBY  |  TUESDAY, 9 JUN 2020
ASIC has trumped the Commonwealth Bank for failures in its AgriAdvantage Plus Package, with the Federal Court of Australia ordering the bank to cough up a $5 million penalty. On Friday, the Court found that the bank had breached the ASIC Act and Corporations ...

Dealer groups slam FPA policy

ELIZABETH MCARTHUR  |  THURSDAY, 4 JUN 2020
... failed to consider. "Additionally, licensees provide capital protection in the event of poor advice or importantly, remediation when needed, in the event there is no recourse through the adviser," the statement said. "The FPA policy is a surprise and ...

38 staff punished over AUSTRAC scandal: Westpac

ELIZA BAVIN  |  THURSDAY, 4 JUN 2020
... problems were faults of omission. There was no evidence of intentional wrongdoing." McFarlane said the bank's remediation program focused on strengthening all aspects of nonfinancial risk management. "We accept the recommendations of the Advisory ...

Boutique to remediate clients

KANIKA SOOD  |  WEDNESDAY, 3 JUN 2020
... adjustment in the funds' NAV in May. For clients who were affected but have since redeemed from the funds, the remediation was is to be undertaken separately. The eight funds affected by the unit pricing error were: Alpha Alternatives Fund, Alpha ...

Super fund to remediate members

KANIKA SOOD  |  WEDNESDAY, 27 MAY 2020
... Australian bonds holdings. REI Super said the average estimated credit is less than $60 per member, and the effect of remediation on fund members as a whole is "minimal". It initially flagged the remediation in its audited accounts for last financial ...

Law firm bolsters financial services team

ELIZA BAVIN  |  FRIDAY, 15 MAY 2020
... direction, good governance, managing risks, implementing regulatory change, their relationships with regulators, and remediation programmes. In addition, Henry will assist those who invest into that sector by project managing due diligence, conducting ...

Few funds immune to ERS

ELIZABETH MCARTHUR  |  THURSDAY, 14 MAY 2020
... Colonial First State had paid out $473 million to members by Friday,May 7. CFS general manager product, marketing and remediation Kelly Power said those figures are in line with CFS' expectations. "CFS supports measures the government has put in place ...

ASIC secures $160m in remediation over junk credit insurance

ALLY SELBY  |  THURSDAY, 14 MAY 2020
ASIC has announced it has secured $160 million in remediation for consumers sold junk credit insurance from 11 major banks and lenders between 2011 and 2018. These include offerings from ANZ, Australian Central Credit Union, Bank of Queensland, Bendigo ...

CBA sells 55% of CFS

JAMIE WILLIAMSON  |  WEDNESDAY, 13 MAY 2020
... to deliver long-term benefits to its member-base." The sale is not expected to have any impact on CFS's ongoing remediation programs which will continue as planned. CFS will also continue to assist regulators with any future matters, CBA said. Upon ...

AMP defends hefty remuneration bill

ELIZABETH MCARTHUR  |  FRIDAY, 8 MAY 2020
... caused the public to doubt the business' commitment to customers. De Ferrari was at one point asked what the median remediation payout was for customers. He did not answer the question but said AMP had made a decision to repay all clients with low ...