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

Search Results

Showing 351 - 360 of 482 results for "Remediation"

CBA releases remediation scorecard

KANIKA SOOD  |  THURSDAY, 11 OCT 2018
An independent review of CBA's remediation action plan says the bank has satisfactorily hit just one of its 153 milestones as at August end, but is showing evidence of commitment. CBA was required to put together a remediation action plan after APRA ...

CBA to refund dead customers, grandfathered commissions

JAMIE WILLIAMSON  |  TUESDAY, 9 OCT 2018
... it has now spent about $580 million improving its advice business in the last six years, including $270 million in remediation for poor advice and wrongfully charged fees.

ANZ compensation bill hits earnings

KARREN VERGARA  |  MONDAY, 8 OCT 2018
ANZ will take a massive $374 million hit to its profit thanks to its customer remediation programs. The bank will recognise the losses in 2H18 for refunds owed to customers. It also factored in legal costs associated with the Royal Commission of $55 ...

StatePlus general manager departs

JAMIE WILLIAMSON  |  TUESDAY, 2 OCT 2018
... 10 years, and we wish her all the best for her future endeavours." Separately, StatePlus is currently undertaking a remediation process for clients invested in its Allocated Pension Fund, Investment Funds - Class A, Fixed Term Pension Plan, Personal ...

Regulatory inadequacy to blame: Hayne

JAMIE WILLIAMSON  |  FRIDAY, 28 SEP 2018
... culture in the financial advice industry today. Hayne said that because regulatory responses wrongfully focused on the remediation of specific instances of poor financial advice instead of seeking to identify the root causes within the organisations ...

Dishonest advice fees dent Westpac earnings

JAMIE WILLIAMSON  |  FRIDAY, 28 SEP 2018
Westpac's cash earnings for 2018 will take a $235 million hit due to ongoing remediation to financial advice customers. The institution is estimating its full-year cash earnings will be reduced significantly as a result of provisions set aside for compensation ...

ASIC slams unacceptable reporting breaches

KARREN VERGARA  |  WEDNESDAY, 26 SEP 2018
... incidents so consumers can have wrongs put right as soon as possible. "Tardy breach reporting and dragging out the remediation process erodes confidence in the system," she said.

Hagger to depart NAB

JAMIE WILLIAMSON  |  MONDAY, 17 SEP 2018
... hearings last month, Hagger testified to NAB charging fees for no service and being insincere to ASIC as to the extent of remediation being paid to customers. In a statement, NAB chief executive Andrew Thorburn said Hagger believes now is the right time ...

Suncorp charged super members incorrect fees

KANIKA SOOD  |  FRIDAY, 14 SEP 2018
... issues stemmed from upgrades to Suncorp's systems and changes to its product suites, it said. Suncorp said most of the remediation was completed on 30 June 2018, but work on closed accounts remains. " We wrote to all impacted members advising them of ...

BT Financial Group proposes advice restructure

JAMIE WILLIAMSON  |  FRIDAY, 7 SEP 2018
... the number of portfolio adviser positions in the Partnerships model and adding extra paraplanning roles. The advice remediation team will also be boosted. The overall BT Advice leadership team will remain unchanged; however regional, senior and operations ...