Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 341 - 350 of 899 results for "Compensation"

Adviser tampered with MySuper

ELIZABETH MCARTHUR  |  FRIDAY, 1 NOV 2019
... scheme and Tran's conduct effectively required clients to opt-out, ASIC said. His actions resulted in a $366,000 compensation bill for Aon Hewitt Financial Advice. "Of the minority of clients who responded to Aon Hewitt, most indicated they now wished ...

AMP contests senior lawyer's claims

KANIKA SOOD  |  TUESDAY, 29 OCT 2019
... fee-for-no-services escalation and could be "verbose and dominant" in conversations, AMP says in its defence to her claim seeking compensation for unfair dismissal. The senior lawyer dragged her former employer to Federal Court last Tuesday, seeking ...

Westpac takes $1 billion profit hit

ELIZA BAVIN  |  THURSDAY, 24 OCT 2019
Westpac's customer compensation bill has added $341 million in the second half of 2019, bringing the remediation total to $958 million for the year. Westpac chief executive Brian Hartzer said: ""A key priority in 2019 has been to deal with outstanding ...

ASIC using intimidation tactics on grandfathering: AIOFP

ELIZABETH MCARTHUR  |  WEDNESDAY, 16 OCT 2019
... can shut down grandfathered revenue under the constitution unless it's under just terms -in other words, with compensation." Johnston accused ASIC of using intimidation tactics to get grandfathered commissions turned off early by product providers. ...

ANZ remediation costs break $1 billion

ELIZA BAVIN  |  TUESDAY, 8 OCT 2019
... and commercial products. Another $154 million is associated with the banks advice remediation program and customer compensation charges for wealth products. The bank said that the charges relate to historical and ongoing reviews into its business. ANZ ...

IOOF expects to reappeal timber case

KANIKA SOOD  |  MONDAY, 30 SEP 2019
... considering "all available legal options" for former business Australian Executor Trustees, which exposed it to millions in compensation costs after last Thursday's court judgement in the S.E.A.S Sapfor Forests Pty Ltd case. The company notified investors ...

Former IOOF company loses court battle in timber scheme

KANIKA SOOD  |  FRIDAY, 27 SEP 2019
... copped losses. One of the convenantholders, David Kerr backed by litigation funder IMF Bentham demanded that AET pay compensation of over $82 million on behalf of the investors. "Whilst final orders [from Supreme Court of NSW] are awaited, the Trustee ...

Crunch time for boutique funds

KANIKA SOOD  |  MONDAY, 23 SEP 2019
... the number is close to $300 million. Despite the challenges facing aspiring boutique managers, the drive for better compensation and greater autonomy remains. Larger firms often incentivise their managers in the form of investments in the fund or in ...

Licensee faces hefty remediation bill

ELIZABETH MCARTHUR  |  WEDNESDAY, 18 SEP 2019
... look at 4,269 advice files from 279 ClearView advisers. As a result, 215 clients were offered $730,138 in financial compensation and 21 clients received non-financial remediation through reissued advice documents and fee disclosures. A ClearView spokesperson ...

Suncorp pays $1.4m remediation bill

JAMIE WILLIAMSON  |  TUESDAY, 3 SEP 2019
... would exit the Guardian Advice business, but committed to ASIC to see through the remediation program and fund the compensation. In addition, Suncorp also compensated clients who may have been at risk of having received poor advice from 'high-risk' advisers ...