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Showing 231 - 240 of 899 results for "Compensation"

CSLR will not fully protect investors

KARREN VERGARA  |  WEDNESDAY, 16 FEB 2022
With the proposed Compensation Scheme of Last Resort regime closer to passing, there are fears it will fall short of protecting consumers. The Senate Economics Legislation Committee released a summary of the proposed bill, with input from industry stakeholders ...

NAB tops bad advice compensation bill

KARREN VERGARA  |  TUESDAY, 15 FEB 2022
The National Australia Bank's bad advice compensation bill has hit more than $1.2 billion - the highest liability among the major financial institutions. While NAB Financial Planning and NAB Private Wealth have remediated most of this amount with ...

Inquiry criticises gaps in CSLR

KARREN VERGARA  |  MONDAY, 31 JAN 2022
The proposed Compensation Scheme of Last Resort regime has several flaws that will overlook the protection of certain investors, a parliamentary inquiry heard. In discussing the Standing Committee on Economics Financial Services Compensation Scheme ...

Disgraced former fund manager chief declared bankrupt

JAMIE WILLIAMSON  |  TUESDAY, 21 DEC 2021
... backdated documents. As part of that, in 2017 King was ordered to pay a pecuniary penalty of $300,000, pay $177,017,084 compensation to PIF and 60% of ASIC's costs. He was also disqualified from managing corporations for 20 years. Penalties ordered ...

Backlash after 'unprecedented' ASIC action against Westpac

ELIZABETH MCARTHUR  |  THURSDAY, 2 DEC 2021
... Independently Owned Finance Professionals (AIOFP) has written to parliamentarians lobbying for them to reconsider the Compensation Scheme of Last Resort (CSLR) in light of these Westpac cases. "Westpac, the largest donor with a former executive running ...

Plaintiff seeks to ring fence Dixon penalty

KARREN VERGARA  |  THURSDAY, 25 NOV 2021
... hearing of this important application did not proceed today. The intent of the provision is to ensure that facilitating compensation for victims is given preference over the payment of penalties, if there is a risk that a defendant cannot do both." He ...

Hume throws shade at trustee rainy day funds

KARREN VERGARA  |  MONDAY, 22 NOV 2021
... regulators to take action. And the Parliament might too," Hume warned. Elsewhere in her speech, Hume assured that the Compensation Scheme of Last Resort does not let banks off the hook. CSLR, which covers unpaid compensation awarded as a result of misconduct ...

Government advances adviser levy drop

KARREN VERGARA  |  THURSDAY, 11 NOV 2021
... regulatory reforms making their way through the Parliament, including the introduction of a Single Disciplinary Body and a Compensation Scheme of Last Resort," treasurer Josh Frydenberg and senator Jane Hume said at the time.

Major legislations hit parliament

KARREN VERGARA  |  FRIDAY, 29 OCT 2021
Two major pieces of legislation have been introduced in parliament, including the Compensation Scheme of Last Resort. The scheme facilitates the reimbursement of up to $150,000 to compensate consumers affected by bad personal advice, credit intermediation ...

Sally Loane resigns as FSC chief

JAMIE WILLIAMSON  |  FRIDAY, 22 OCT 2021
... included initiating life insurance's Trowbridge Review, developing the life Codes, and advocating for a sensible Compensation Scheme of Last Resort," she said. "I have enjoyed working collaboratively with industry organisations here and overseas ...