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Showing 351 - 360 of 1705 results for "Breach"

No regrets: Hayne reflects on Royal Commission

KARREN VERGARA  |  TUESDAY, 30 MAY 2023
Nearly six years since the landmark Royal Commission, former High Court justice Kenneth Hayne stands by his recommendations that upended the banking and financial services sectors. Making a rare appearance at the International Congress of Actuaries ...

More PwC staff to go, will remain anonymous

CASSANDRA BALDINI  |  TUESDAY, 30 MAY 2023
PwC acting chief executive Kristin Subbins confirmed the embattled firm will stand down more senior staff while tax breach investigations continue, however their names will not be revealed. In an open letter, Stubbins apologised for the firm sharing ...

AFCA outlines systemic issues in wealth management

ANDREW MCKEAN  |  TUESDAY, 23 MAY 2023
... maintaining an account balance of at least $6000 or submitting a form electing to continue their coverage. "This was in breach of its obligation to provide an opt-in opportunity to members before cancelling default insurance cover," AFCA said. However ...

Regulation, funding inhibits digital advice: Report

KARREN VERGARA  |  MONDAY, 22 MAY 2023
Several key risks are inhibiting digital advice providers from operating with confidence, a new report finds, one of which is the red tape that is preventing them from moving successfully forward. AMP's Digital financial advice market scan, together ...

Poor policy administration sees MLC Life pay $22m

JAMIE WILLIAMSON  |  FRIDAY, 19 MAY 2023
MLC Life will pay $10 million, in addition to $12 million in remediation, for failing to pay promised rehabilitation benefits. The life insurer was penalised by the Federal Court after it was found guilty of several breaches of the ASIC Act, the Corporations ...

AMP fined $24m for charging deceased customers

KARREN VERGARA  |  FRIDAY, 19 MAY 2023
... no longer charged. These systems were inadequate, and customers were let down. This misconduct represents a fundamental breach of trust between a customer and their financial services provider." AMP remediated over $5 million to the estates or representatives ...

Super fund blunder likely down to bad data: Podcast

CASSANDRA BALDINI  |  THURSDAY, 18 MAY 2023
Holding Redlich partner Luke Hooper says when it comes to AustralianSuper's recent intra-fund consolidation breach, it's likely the root cause lays in data entry. The recent case of AustralianSuper refunding 100,000 members it had held multiple ...

PwC picks senior leaders to oversee review

CASSANDRA BALDINI  |  TUESDAY, 16 MAY 2023
... fallout. In January, an investigation by the TBD initially found former PwC head of international tax Peter-John Collins in breach after he let confidential law reform plans slip. Collins was banned and disgraced, and PwC said it reviewed and strengthened ...

High super balance tax needs work: Podcast

CASSANDRA BALDINI  |  THURSDAY, 11 MAY 2023
... the year Financial Services Council (FSC) analysis of ATO data found a significant portion of Australian taxpayers will breach the cap in their lifetime. It found some 500,000 individuals currently saving for retirement or already retired could be impacted ...

PwC chief exits over scandal

CASSANDRA BALDINI  |  TUESDAY, 9 MAY 2023
Tom Seymour has exited the top job following his involvement in the firm's tax leak breach, as PwC assurance leader Kristin Stubbins takes over in the interim. Following a discussion with the firm's Australian board, PwC announced Seymour would ...