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Showing 361 - 370 of 482 results for "remediation"

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 ...

Trust in financial services down since Royal Commission: Poll

HARRISON WORLEY  |  TUESDAY, 14 AUG 2018
... misleading the corporate regulator. Last week the mutual recorded a 74% drop in profits, after copping a $290 million remediation bill following its appearance at the Royal Commission. Currently the Commission is hearing evidence into the superannuation ...

NAB initially under-reported remediation bill to ASIC

KANIKA SOOD  |  MONDAY, 13 AUG 2018
... regulator was capping off a report on the matter in late 2016. By 24 October 2016, NAB's estimated plan service fee remediation had reached $34 million. This included $12.4 million owed to 108,000 customers of MLC's employee retirement plan (TERP) and ...

NAB complicated plan service fee issue: Royal Commission

HARRISON WORLEY  |  MONDAY, 13 AUG 2018
... would not want to remediate them fully. Hagger replied the trustee has a duty to work through what the appropriate remediation methodology is. "Otherwise, if you took what you just said to its extreme conclusion, the trustee would never take any money ...