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Showing 291 - 300 of 475 results for "Remediation"

AMP leaks $1.8bn, names new CFO

HARRISON WORLEY  |  THURSDAY, 2 MAY 2019
... happen overnight," he said. De Ferrari also revealed AMP's priorities for 2019 would include delivering advice remediation to wronged clients, but noted the wealth manager would take action to position itself "to win" across key businesses, including ...

NAB, Nippon lock heads over MLC

KARREN VERGARA  |  THURSDAY, 2 MAY 2019
... earnings to $96 million year on year. Interim chief executive Phil Chronican, who also spoke at the briefing, said remediation costs have reached $525 million or about $750 million pre-tax. This includes remediation for rendering bad financial advice. ...

ANZ boosts remediation team

HARRISON WORLEY  |  WEDNESDAY, 1 MAY 2019
ANZ increased the size of its remediation team by 50% in an effort to cut through its refund program. Announcing its first half results, the bank said the move was part of its broader attempt to build trust and lead the industry "with purpose" following ...

Westpac reveals Magnitude, Securitor adviser remediation

HARRISON WORLEY  |  WEDNESDAY, 1 MAY 2019
... operated under the Magnitude and Securitor advice licenses between 2008 and 2018. This is expected to cover the bank for remediation payments up to $297 million, as well as $138 million in interest costs and $75 million in costs associated with running ...

Swiss Re to manage Freedom remediation

KANIKA SOOD  |  TUESDAY, 30 APR 2019
Swiss Re has agreed to take on the responsibility of designing and managing Freedom Insurance Group's customer remediation program. Freedom confirmed Swiss Re as the remediation manager, and Genus Life Insurance Services Pty Ltd as the third party to ...

CBA owes staff $15 million

ELIZABETH MCARTHUR  |  THURSDAY, 18 APR 2019
... will receive back pay with interest and their leave balances adjusted where applicable," she added. "We have begun remediation and the first tranche will involve approximately 8,000 current and former employees receiving back pay totalling $4.8 million ...

NAB remediation bill hits $1.1bn

JAMIE WILLIAMSON  |  THURSDAY, 18 APR 2019
National Australia Bank has set aside an additional $525 million for customer remediation, more than 90% of which is in relation to its wealth operations. The total owing is now estimated at more than $1.1 billion. Announced today, the $525 million ...

Citi to pay $3m in advice remediation

HARRISON WORLEY  |  TUESDAY, 16 APR 2019
... pointed out that advisers have "higher obligations" and disclosure requirements when providing personal advice. Citi's remediation issue comes just weeks after ASIC released a report saying consumers are confused by the different types of financial advice. ...

CBA, ASIC move to resolve AFSL conditions

KANIKA SOOD  |  WEDNESDAY, 10 APR 2019
... advised by five of its advisers, according to KordaMentha Forensic's fifth and final report. This takes CBA's total remediation bill in relation to the issues and other identified throughout the review to $9.3 million. The initial action stems from Commonwealth ...

KPMG partner moves to GROW Super

KARREN VERGARA  |  MONDAY, 8 APR 2019
... benefit the entire industry." Separately, KPMG recently launched a hiring spree to support clients with financial advice remediation efforts. As wealth managers further move to remediate customers for various fees for no service and financial advice ...