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Showing 291 - 300 of 482 results for "Remediation"

Advice dealer group shutters

HARRISON WORLEY  |  FRIDAY, 31 MAY 2019
... party - later revealed to be Genus Life Insurance Services - for $5 million to help ensure it could pay remaining remediation costs and meet the demands of its creditors. At the time, Freedom said Spectrum would close after transferring the admin business. ...

Hard times ahead for platforms

KANIKA SOOD  |  THURSDAY, 23 MAY 2019
... headwinds impact both AMP and IFL; however IFL's higher relative exposure, slower response on fees, greater advice remediation risk and lower tangible capital position underpin our more cautious view relative to AMP (neutral)."

Material weakness in super funds, insurers exposed

KARREN VERGARA  |  THURSDAY, 23 MAY 2019
... institutions shortly. "Boards should expect increased supervisory scrutiny of their institutions as they implement remediation actions. Also, in a number of cases, the weaknesses identified in the self-assessment were sufficiently material that APRA ...

ANZ changes advice model, cuts Prime Access

JAMIE WILLIAMSON  |  FRIDAY, 17 MAY 2019
... private banking and advice, Mike Norfolk said. Prime Access was introduced in 2003. In 2015 ANZ launched a $50 million remediation program to refund customers that did not receive an annual review between 2006 and 2013. In April 2018, the group entered ...

CBA remediation bill crosses $2bn

KANIKA SOOD  |  MONDAY, 13 MAY 2019
Commonwealth Bank has seen $714 million added to its remediation bill, pushing its total to date over $2.17 billion. The third quarter addition was flagged by CBA in company filings this morning. So far, CBA has spent or provisioned $534 million on ...

The state of the banks

ELIZABETH MCARTHUR  |  TUESDAY, 7 MAY 2019
... challenges facing the banks include slow lending growth and a softer domestic economy. There's also the significant cost of remediation following the Royal Commission, as well as the challenge of rebuilding trust with customers. KPMG Australia's head ...

Westpac profits down 24%, dividend flat

KANIKA SOOD  |  MONDAY, 6 MAY 2019
... disappointing result reflecting weaker business conditions and the bank dealing decisively with outstanding issues, including remediation and resetting out wealth strategy," Westpac group chief executive Brian Hartzer said. The past six months has been ...

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 ...