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Showing 371 - 380 of 482 results for "Remediation"

AMP profits nosedive, new board director announced

KANIKA SOOD  |  WEDNESDAY, 8 AUG 2018
AMP profit stumbled 74% in the first half of the year as the wealth manager took a $290 million hit from advice remediation following the financial services Royal Commission. It brought in a net profit of $115 million as compared to $445 million in ...

AMP wealth arm leaked $873 million in first half

KANIKA SOOD  |  WEDNESDAY, 8 AUG 2018
... professional indemnity insurance of its advisers, either personal or through AMP, but that wouldn't come until after remediation. Company culture During analyst questions, the executives fielded several questions about company culture, including one ...

Fees for no service remediation passes $250 million

DARREN SNYDER  |  WEDNESDAY, 8 AUG 2018
Financial institutions outside the big four banks and AMP have been integrated into ASIC's fees for no service remediation programs, with total provisions likely to exceed $850 million. Updating the financial services industry and consumers on its oversight ...

Royal Commission revisits fees for no service

KARREN VERGARA  |  MONDAY, 6 AUG 2018
... to advice service that was not delivered. ASIC was notified in May 2017 and since then StatePlus has formulated a remediation plan for the 46,534 members affected. Hodge added ASIC's investigation is expected to conclude by the end of August and ...

AMP moves to reset business

JAMIE WILLIAMSON  |  FRIDAY, 27 JUL 2018
... customers and enhance the competitiveness of its product range. The institution also said it is accelerating advice remediation, with $290 million set aside in its pending 1H18 results for potential compensation payments - much of this is to remediate ...

NAB names wealth advocate

KARREN VERGARA  |  TUESDAY, 26 JUN 2018
... professor at the University of NSW. NAB created the customer advocate role in May 2015 as part of its financial advice remediation initiatives and to improve transparency and accountability. In her new role, Petre is to improve the customer complaints ...

IOOF boosts adviser compliance support

KARREN VERGARA  |  TUESDAY, 19 JUN 2018
... records, manages and potentially mitigates risks. For example, advisers could be assigned additional e-learning or remediation immediately in the event of an audit result or an entry into a compliance register, he said. It's these processes together ...

AMP to fight class actions, prioritise performance

HARRISON WORLEY  |  THURSDAY, 10 MAY 2018
... of a new CEO," Wilkins said. He added that AMP would not abandon its advice business, and was working to accelerate remediation for customers who did not receive adequate service for fees they had paid. "AMP stands behind its advice business, and the ...

Fees for no service an old issue: AMP

DARREN SNYDER  |  FRIDAY, 4 MAY 2018
... submission said. "We have apologised to and refunded the fees to all customers impacted by the 90-day exception. The remediation totalled $850,000. To date, for the broader licensee fees for no service issue, we have remediated 15,712 customers, a total ...

RECAP: Advice in the Royal Commission spotlight (Days 6- 9)

KANIKA SOOD  |  FRIDAY, 27 APR 2018
... determined exactly how many other clients could have been affected similarly. Britt could not answer when AMP expects the remediation program to happen after saying it was a "strategic priority in 2018". Meanwhile, leading investment professionals told ...