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Showing 371 - 380 of 1725 results for "Provisio"

FSC suggests CSLR improvements

KARREN VERGARA  |  MONDAY, 20 SEP 2021
The Financial Services Council has highlighted numerous holes in the Compensation Scheme of Last Resort in a bid to prevent financial advisers that "have done nothing wrong" from paying for the scheme. The FSC is calling on corporate regulator ASIC ...

Criminal charges filed against CBA

ELIZABETH MCARTHUR  |  FRIDAY, 17 SEP 2021
ASIC has brought 30 criminal charges against Commonwealth Bank for mis-selling consumer credit insurance, with the bank to plead guilty. The charges relate to CBA's promotion and sale of CreditCard Plus and Loan Protection policies as an add-on insurance ...

ME Bank faces criminal charges

ELIZABETH MCARTHUR  |  WEDNESDAY, 15 SEP 2021
ME Bank has appeared in Federal Court, facing criminal charges for allegedly making false and misleading representations in letters to its home loan customers. It is also alleged that the bank failed to provide written notice about annual interest rate ...

Auditor referral threshold test troubling: SMSFA

ANNABELLE DICKSON  |  MONDAY, 13 SEP 2021
The SMSF Association is concerned that the introduction of a 20% threshold for auditor referral fees does not address at what point in time the threshold test must be considered or applied. The Accounting Professional & Ethical Standards Board introduced ...

APRA intensifies scrutiny of underperformers

KARREN VERGARA  |  FRIDAY, 10 SEP 2021
The prudential regulator is cracking down further on the superannuation funds that failed the performance test, chair Wayne Byres warned this morning. Last week, APRA named 13 super funds that failed its inaugural performance test. The House of Representatives ...

Legislation introduced to create Queensland mega fund

JAMIE WILLIAMSON  |  THURSDAY, 9 SEP 2021
The Superannuation (State Public Sector) (Scheme Amendment) Bill 2021 was tabled in Queensland's parliament last week which, if passed, would pave the way for Sunsuper and QSuper's merger. On September 1, Queensland treasurer and minister for investment ...

WTL posts $3.3m loss

KARREN VERGARA  |  WEDNESDAY, 1 SEP 2021
WT Financial Group (WTL) reported a huge loss in FY21 as a result of its restructuring efforts. While revenue grew 6% to $13.6 million, WTL recorded a $3.3 million loss, down from $594,000 in FY20. This is a result of one-off write-downs and provisions ...

APRA outlines remuneration standard

ANNABELLE DICKSON  |  FRIDAY, 27 AUG 2021
The prudential regulator released its final standard for remuneration across superannuation, banking and insurance which could see individuals lose their bonus in the event of poor risk conduct. Cross-industry Prudential Standard CPS 511 Remuneration ...

IOOF posts $143.5m loss for FY21

KANIKA SOOD  |  THURSDAY, 26 AUG 2021
IOOF reported an underlying net loss after tax of $143.5 million for FY21, as it cleans out legacy arrangements and integrates recent acquisitions. Revenue for the year was $769.9 million (up 31%), of which $69.1 million came from MLC and $700.8 million ...

Westpac cops $10.5m fine

ANNABELLE DICKSON  |  TUESDAY, 24 AUG 2021
ASIC has ordered Westpac to pay a $10.5 million fine after the High Court's decision that found two Westpac subsidiaries provided unlicensed personal financial advice. Westpac Securities and BT Funds Management were found to have breached their ...