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Showing 11 - 20 of 407 results for "remediation"

Licensees shun remediation obligations: ASIC

KARREN VERGARA  |  TUESDAY, 26 SEP 2023
... appropriate oversight and accountability. ASIC measured large licensees against standards in Regulatory Guide 277 Consumer Remediation and found several gaps that could lead to poor consumer outcomes. Many are narrowing the remediation review period ...

ANZ hit with $15m penalty for misleading customers

ANDREW MCKEAN  |  TUESDAY, 26 SEP 2023
... ANZ has already reimbursed over 186,000 accounts for erroneous fees and interest on cash advances. While the average remediation amount is around $45 per affected account, some individual customers were charged thousands of dollars in fees. On top of ...

NAB to pay $2.1m for knowingly overcharging customers

JAMIE WILLIAMSON  |  FRIDAY, 22 SEP 2023
... 2888 personal accounts and 513 business accounts. The actual issue began in 2001 and resulted in about $9 million in remediation paid. The judge said NAB "unjustifiably advanced its self-interest whilst knowing that its customers were oblivious to the ...

Boards must crack down on cybersecurity: ASIC

CASSANDRA BALDINI  |  TUESDAY, 19 SEP 2023
... being boards' oversight of cyber risk, management reporting of cyber risk to boards, management identification and remediation of cyber risk, cyber risk assessments, and how cyber risk controls are implemented. Longo highlighted three ways in which ...

AustralianSuper sued over multiple accounts

JAMIE WILLIAMSON  |  FRIDAY, 8 SEP 2023
... member accounts. This should not have happened, and we apologise unreservedly to members," the fund said. It said the remediation program for the matter is now "substantially complete" and that it has since strengthened processes to identify and combine ...

Macquarie flags asset management challenges

CASSANDRA BALDINI  |  THURSDAY, 7 SEP 2023
... FY23 from $3.029 million in FY22. Providing a regulatory update, Macquarie said it's been working with APRA on a remediation plan that strengthens its governance, culture, structure, and enumeration to ensure full and ongoing compliance with prudential ...

Financial hardship neglect lands Westpac in court

KARREN VERGARA  |  TUESDAY, 5 SEP 2023
... application form or by ringing a hotline. "Since we uncovered this issue, we've contacted these customers and completed a remediation program including refunds of fees and interest, debt waivers and payments for non-financial loss, totalling approximately ...

Strategic reset delivers for Count

JAMIE WILLIAMSON  |  WEDNESDAY, 30 AUG 2023
... than 25,000 Statements of Advice and Records of Advice were delivered to clients over the year. In terms of ongoing remediation efforts, as at June end $505 million had been offered and $424.5 million had been paid. This is payable by Commonwealth Bank ...

Insignia consolidates further, creates Client Wellbeing arm

JAMIE WILLIAMSON  |  THURSDAY, 24 AUG 2023
... million, up 39% year on year, driven by gains made in divesting Australian Executor Trustees as well as stabilised remediation costs; Insignia did not have to increase remediation provisions, saying it expects all projects to be completed in FY24 with ...

Former advisers costs CBA $1.2bn in remediation

KARREN VERGARA  |  WEDNESDAY, 9 AUG 2023
Commonwealth Bank's $1.2 billion bad advice remediation bill represented a small fraction of its whopping $10.2 billion profit, the full-year financial results show. The total customer remediation amounted to a huge $2.6 billion in the 2023 financial ...