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Showing 2841 - 2850 of 6264 results for "DET"

Meller to leave AMP immediately

JAMIE WILLIAMSON  |  FRIDAY, 20 APR 2018
Craig Meller has stepped down as chief executive of AMP effective immediately. AMP has announced Meller will leave the role in the wake of financial advice failings and misconduct brought to light by the Royal Commission. AMP non-executive director ...

Royal Commission case study: advice put retirement in ruins

JAMIE WILLIAMSON  |  THURSDAY, 19 APR 2018
A Westpac case study analysed by the Royal Commission has demonstrated the devastating impact of inappropriate financial advice. Providing testimony in the first case study of inappropriate advice to be explored by the Commission, former Westpac customer ...

Dead advice clients slugged ongoing service fees

JAMIE WILLIAMSON  |  THURSDAY, 19 APR 2018
The Commonwealth Bank has admitted one of its advice subsidiaries charged ongoing service fees to clients it knew had passed away. Providing testimony to the Royal Commission today, CBA executive general manager, Commonwealth Private Marianne Perkovic ...

Chief economist update: The colour of Beige

BENJAMIN ONG  |  THURSDAY, 19 APR 2018
Speculators speculating on the US Federal Reserve's next monetary policy movement should pay close attention to the Beige Book Report. The "book" isn't made up of figures and numbers and stats but instead anecdotal evidence on the state of the US economy. ...

Royal Commission latest: CBA doing more with fewer advisers

KARREN VERGARA  |  WEDNESDAY, 18 APR 2018
It took Commonwealth Bank two years to notify ASIC its financial advisers were failing to meet ongoing service obligations - all during a time when it slashed adviser numbers and doubled its client base. This is according to CBA executive general manager ...

AMP platform fees laid bare

KARREN VERGARA  |  WEDNESDAY, 18 APR 2018
The Royal Commission brought to light several gaping holes in AMP's fee charging mechanisms across its platforms, as well as its inaction to comply with the legislative changes concerning opt-in financial advice fees. AMP head of platform development ...

Industry welcomes final Better Banking report

HARRISON WORLEY  |  WEDNESDAY, 18 APR 2018
The final report of a two year reform program has outlined the progress made by Australia's banks in implementing the Better Banking Reforms Program. Handing down the report, independent governance expert Ian McPhee said commitment to the package of ...

CFSGAM prepares IPO, names board candidates

DARREN SNYDER  |  TUESDAY, 17 APR 2018
Colonial First State Global Asset Management will work towards an initial public offering and listing on the Australian Securities Exchange following a strategic review from its parent bank. Commonwealth Bank announced this afternoon it had completed ...

Chief economist update: Back to the shops

BENJAMIN ONG  |  TUESDAY, 17 APR 2018
The US consumer is back...and with a vengeance. Retail sales rebounded by a higher than expected 0.6% in the month of March following three consecutive months of declines - 0.1% in December, -0.2% in January, -0.1% in February - that took the annual ...

Banks put revenue above quality advice: FSU

ALEX BURKE  |  MONDAY, 16 APR 2018
Following today's round of hearings for the Royal Commission, the Finance Sector Union of Australia (FSU) noted that "banks had better systems in place to track incoming revenue than to make sure customers had been given the ongoing advice they were ...