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

Search Results

Showing 351 - 360 of 475 results for "remediation"

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 ...

MLC, NULIS in court over $100m in illegitimate fees

JAMIE WILLIAMSON  |  THURSDAY, 6 SEP 2018
... of ASIC's ongoing investigations into fee for no service failures in the financial services industry. Overall, remediation for impacted customers is expected to exceed $850m. Earlier this week, NAB announced NAB Financial Planning (FP) and NAB Direct ...

APRA to reopen old wounds for CBA, IOOF

KARREN VERGARA  |  WEDNESDAY, 5 SEP 2018
... countered in its submission the fact that it did not initiate litigation against CFS or IOOF doesn't mean "further remediation and proceedings are foreclosed." APRA "actively considered taking proceedings" against IOOF, it said. "Having the power to ...

Royal Commission challenges super regulators

KARREN VERGARA  |  TUESDAY, 28 AUG 2018
... advice service that was not delivered. On 12 May 2017, StatePlus notified ASIC of the breach and has since commenced a remediation program. So far, 12,269 clients have been compensated; the total bill is forecast to be $92 million.

Retail super funds in hot water: Royal Commission

KARREN VERGARA  |  MONDAY, 27 AUG 2018
... falling below community standards and expectations for: Failing to act in the best interests of members when it came to remediation, seeking instead to minimise amounts required to be paid particularly as NAB discussed this with ASIC; Not communicating ...

Super funds cop governance grilling

HARRISON WORLEY  |  TUESDAY, 21 AUG 2018
... revealed NAB, NULIS and related entities dragged their heels over the plan service fee issue, delaying the process of remediation to affected superannuation members. The fifth round of hearings also saw AustralianSuper chief executive and Industry Super ...

AMP incorrectly charged more than $26 million: Royal Commission

HARRISON WORLEY  |  THURSDAY, 16 AUG 2018
... issue eventually led AMP to a 74% reduction in profits in the first half of the year, alongside a $290 million advice remediation bill. Industry fund HostPlus was taken to task yesterday for its promotional spending, with the commission hearing the $34 ...

CFS and a messy MySuper transition

KANIKA SOOD  |  TUESDAY, 14 AUG 2018
... the 7000 ADAs in FirstChoice Super occurred - it was scheduled to happen in May 2017. Following this, CFS sent an EY remediation report to APRA and the case was closed. Hodge questioned Elkins why the transition had taken so long? It was well past the ...