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Showing 11 - 20 of 29 results for "Compensation Program"

Big banks pay $60m in advice refunds

ALEX BURKE  |  MONDAY, 22 MAY 2017
AMP, ANZ, CBA, NAB and Westpac have to-date repaid $60 million out of an estimated $204 million for charging clients for financial advice that was not provided. This news follows the October 2016 release of ASIC's report into the advice businesses of ...

More CBA-aligned advisers under scrutiny

DARREN SNYDER  |  THURSDAY, 17 DEC 2015
... Commonwealth Financial Planning (CFPL) and Financial Wisdom (FWL) are to be reviewed for potential inclusion in a compensation program. This is the key finding in KordaMentha Forensic's second report on past activities by the two Commonwealth Bank (CBA) ...

CBA's advice review compensates 19 clients

LAURA MILLAN  |  WEDNESDAY, 30 SEP 2015
The compensation program set up by Commonwealth Bank (CBA) to compensate victims of bad advice has reviewed over 8,800 cases and compensated only 19 clients. In total, the bank has offered $950,252 in compensation, but paid $488,815 as of 31 August ...

ASIC financial services enforcements down 10%

ALEX BURKE  |  THURSDAY, 6 AUG 2015
ASIC's actions against the financial services industry have decreased by 10% in the first half of 2015, from 90 in the previous six months to 81. Referencing the compensation programs underway at Macquarie and CBA, ASIC noted in its half-yearly enforcement ...

Macquarie pays $11m advice compensation so far

LAURA MILLAN  |  THURSDAY, 23 JUL 2015
... undertaking (EU) with Macquarie Private Wealth (MPW) in place since January 2013. At the time, Macquarie's compensation program was considered the most comprehensive within the industry because it went back to March 2, 2004, when MPW obtained its Australian ...

NAB upgrades advice compensation program

LAURA MILLAN  |  THURSDAY, 21 MAY 2015
National Australia Bank (NAB) has upgraded the compensation program for victims of bad advice with the appointment of a consumer advocate. University of NSW professor of Law Dimity Kingsford Smith will act as a consumer advocate within NAB Wealth's ...

Report confirms failed CBA compensation

LAURA MILLAN  |  THURSDAY, 23 APR 2015
... started in 2014. Specifically, it looks at Project Hartnett, which the bank put in place in 2008, and at the Compensation Program that started under the Australian Securities and Investments Commission (ASIC) enforceable undertaking to Commonwealth Financial ...

ANZ sets up $30m compensation program for advice clients

LAURA MILLAN  |  THURSDAY, 16 APR 2015
ANZ will reimburse $30 million to clients of its financial planning business who did not get the annual reviews promised as part of the bank's advice and investment service. About 8,500 Prime Access clients will be reimbursed, ANZ confirmed in a statement. ...

Nationals pressure Treasury for RC into white collar crime

LAURA MILLAN  |  MONDAY, 23 FEB 2015
Nationals' Senator John Williams has given Treasury the suggested terms of reference for a Royal Commission into white collar crime. Williams confirmed to Financial Standard that he gave the documents to Treasurer Joe Hockey's chief of staff two weeks ...

CBA chairman defends compensation program at AGM

LAURA MILLAN  |  THURSDAY, 13 NOV 2014
Commonwealth Bank (CBA) chairman David Turner defended the bank's performance and its reaction to the financial planning scandals in front of shareholders at the annual general meeting in Melbourne yesterday. "We know that saying sorry is not enough ...