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Showing 341 - 350 of 482 results for "Remediation"

Royal Commission: ASIC rethinks negotiation tactics

KARREN VERGARA  |  FRIDAY, 23 NOV 2018
... Rowena Orr that ASIC has "over-utilised" negotiating outcomes for financial misconduct and in hindsight should have run remediation programs in parallel with tougher enforcement investigations. Since July 2011, ASIC has negotiated customer remediation ...

Comyn promises personal accountability

KARREN VERGARA  |  TUESDAY, 20 NOV 2018
... specifically on consumer credit insurance, and home loan and personal loan protection products. Comyn said the process of remediation is still underway, with $10.5 million repaid to affected customers and another $4.3 million is waiting to repaid. Remediation ...

Banks must reshape to survive compliance and technology crunches

DARREN SNYDER  |  TUESDAY, 6 NOV 2018
... restructures and simplifications. KPMG partner, banking strategy, Hessel Verbeek said not only have various compliance and remediation costs translated into higher cost-to-income ratios, "the majors' investment spend in risk and compliance projects is ...

Royal Commission hits Westpac cash earnings

JAMIE WILLIAMSON  |  MONDAY, 5 NOV 2018
Westpac reported a flat net profit of $8 billion with increased remediation provisions and legal costs weighing on the group's cash earnings. The group recorded a 1% increase in net profit year-on-year to $8.095 billion for the 12 months to September ...

NAB signals more bad advice remediation

KARREN VERGARA  |  THURSDAY, 1 NOV 2018
Among its FY18 results, National Australia Bank flagged that bad advice and fees for no service remediation will continue to dampen its future financial performance. Numerous contingent liabilities and potentially paying out more compensation plagued ...

ANZ wealth flows decline

KARREN VERGARA  |  WEDNESDAY, 31 OCT 2018
... corresponding period. About $377 million after tax charges have been recognised as refunds to customers and related remediation costs. Chief executive Shayne Elliot said ANZ has taken action to "fast-track fundamental changes" as a result of the Royal ...

Bank-owned advice firm requests ASIC extension

DARREN SNYDER  |  MONDAY, 22 OCT 2018
... Limited (CFPL) recently requested an extension for Ernst & Young (EY) to produce its final report on the advice firm's remediation processes and its controls over fees for no service. The regulator said CFPL is also seeking an extension to provide its ...

NAB still unclear on true impact of misconduct

KANIKA SOOD  |  FRIDAY, 19 OCT 2018
... wouldn't be that high. Thorburn also failed to give a definitive deadline for when the bank expected to complete its remediation process but said it expects to have compensated $130 million by the end of the year. "Well, I am unable to answer that ...

Financial services employment to boom

JAMIE WILLIAMSON  |  WEDNESDAY, 17 OCT 2018
... significant increase in the number of risk and compliance roles on offer in the financial services sector. "Large-scale remediation projects are underway within many banks and financial services organisations and these will continue during 2018. Consequently ...

ANZ chief says remediation is "distracting"

KARREN VERGARA  |  FRIDAY, 12 OCT 2018
ANZ chief executive Shayne Elliott has admitted to a parliamentary inquiry that the bank saw its remediation programs as a "distraction" and at one point took up to 15 years to compensate some customers. This morning, Elliott told the House of Representatives ...