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Showing 11 - 20 of 97 results for "fees for no service"

Super, advice class actions dampen CBA results

KARREN VERGARA  |  WEDNESDAY, 15 FEB 2023
... Wisdom, Count Financial and Commonwealth Financial Planning of $198 million, which included charging clients fees for no service provided. The group made a record $5.2 billion in after-tax profit in the last six months of 2022. Most of its operating ...

CBA increases Countplus indemnity to $520m

ANDREW MCKEAN  |  THURSDAY, 8 DEC 2022
... assessments by 31 December 2022." "CBA have provided revised information to Countplus for the Count Financial fees for no service remediation program." The potential for further increases to the indemnity limit remains under certain defined remediation ...

AMP cops $14.5m penalty over fees for no service

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
Five AMP companies will pay $14.5 million for charging close to 1500 superannuation members fees for no service over the course of about three years. The Federal Court handed the fine to AMP Superannuation, AMP Financial Planning, Charter Financial ...

Remediation bills revealed amid call for levy freeze extension

JAMIE WILLIAMSON  |  WEDNESDAY, 24 AUG 2022
... largest financial institutions have paid or offered a total of $3.6 billion in compensation to consumers over fees for no service and non-compliant advice. The new stats come as the Financial Planning Association of Australia calls for an extension to ...

ASIC takes Mercer Financial Advice to court

JAMIE WILLIAMSON  |  THURSDAY, 30 JUN 2022
... decisions about the financial services they are paying for." Mercer has already remediated 3475 customers who paid fees for no service between January 2012 and June 2019. This totalled over $45 million. The proceedings announced today are only in relation ...

Aware Super advice arm to pay $20m fine

CHLOE WALKER  |  FRIDAY, 18 FEB 2022
... subsidiary has been hit with a $20 million penalty for charging over 25,000 customers more than $50 million in fees for no service. Between 21 August 2014 and 30 June 2018, Aware Financial Services, formerly StatePlus, charged about 25,300 customers ...

NAB tops bad advice compensation bill

KARREN VERGARA  |  TUESDAY, 15 FEB 2022
... institutions. While NAB Financial Planning and NAB Private Wealth have remediated most of this amount with respect to fees for no service misconduct, NAB's former subsidiaries have not. According to ASIC's latest compensation tally, Apogee Financial ...

OnePath Custodians sued over fees for no service

JAMIE WILLIAMSON  |  WEDNESDAY, 15 DEC 2021
... proceedings have commenced in the Federal Court against OnePath Custodians for allegedly charging super fund members fees for no service, filed by ASIC. ASIC is alleging OnePath incorrectly charged more than $4 million in fees to more than 18,000 members ...

ASIC files numerous cases against Westpac

JAMIE WILLIAMSON  |  TUESDAY, 30 NOV 2021
... expedite those matters for consideration by the Court at the earliest opportunity," she explained. In the fees for no service case, ASIC alleges Westpac and related entities within the group charged over $10 million in advice fees to more than 11,000 ...

AMP reduces super fees

JAMIE WILLIAMSON  |  MONDAY, 20 SEP 2021
... good decisions in order to meet their retirement goals." The fee changes come as AMP faces Federal Court over fees for no service charged on corporate super accounts between 2015 and 2019. It is alleged the misconduct saw AMP pocket more than $600,000 ...

Editor's Choice

Invesco launches new equity fund

ELIZA BAVIN
Invesco said the new fund will give Australian investors access to a systematic global equity strategy with a 20-year track record.

FCA pursues Neil Woodford again

KARREN VERGARA
The Financial Conduct Authority (FCA) is going after failed fund manager Neil Woodford again, this time for allegedly providing unauthorised investment advice via W4.0, his Dubai-based investment platform.

Former APRA deputy chair launches retirement solutions startup

KARREN VERGARA
A former APRA deputy chair has launched CipherIQ, a new venture that provides retirement solutions via account-based pensions in partnership with superannuation funds, financial advisers and retirees.

Global X launches space tech ETF

MATTHEW WAI
Global X has now launched the space tech ETF (ASX: MOON).

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