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Showing 381 - 390 of 1264 results for "CBA"

Intra-fund advice conflicted: Royal Commission

KARREN VERGARA  |  THURSDAY, 16 AUG 2018
... Linda Elkins' testimony yesterday. Senior counsel assisting Michael Hodge continued to flesh out why CFS, a subsidiary of CBA, mishandled transitioning members to MySuper products over a long and messy process. Chun was grilled on intra-fund advice ...

ANZ grilled over Smart Choice sales

JAMIE WILLIAMSON  |  THURSDAY, 16 AUG 2018
The selling of superannuation products by ANZ branch staff has been called into question, with the Royal Commission suggesting the bank's practices are misleading and deceptive. Appearing before the Commission this morning, ANZ head of superannuation ...

Poor systems delay MySuper transitions: CFS

KARREN VERGARA  |  WEDNESDAY, 15 AUG 2018
... An article, published in a national newspaper, exposed how bank-linked retail funds generated low returns on cash options. CBA was deemed "unhappy" with the article and was prompted to conduct an internal analysis of its different cash options. Twelve ...

First on the block: CBA to develop blockchain bond

HARRISON WORLEY  |  FRIDAY, 10 AUG 2018
... Australia's biggest bank is set to deliver the world's first blockchain bond, in partnership with the World Bank. Commonwealth Bank (CBA) will deliver the first bond in the world to be created, allocated, transferred and managed using blockchain technology. ...

Fees for no service remediation passes $250 million

DARREN SNYDER  |  WEDNESDAY, 8 AUG 2018
... Updating the financial services industry and consumers on its oversight of fees for no service remediation, ASIC said AMP, ANZ, CBA, NAB and Westpac have now paid or offered customers $222.3 million in refunds and interest for failing to provide advice ...

CBA readies wealth demerger, records $9.2bn cash profit

DARREN SNYDER  |  WEDNESDAY, 8 AUG 2018
... company preparing to demerge in 2019, contributed more than 6% to CBA's overall cash after-tax profit of $9.2 billion. CBA said its FY18 profit is down 4.8% on the previous year, hindered by items such as the $700 million AUSTRAC penalty, the removal ...

Lose grandfathered commissions, lose business: MLC

KARREN VERGARA AND JAMIE WILLIAMSON  |  MONDAY, 6 AUG 2018
... no reason to believe that members weren't getting the advice they were paying for. Earlier in the day, Hodge said AMP, CBA, IOOF, ANZ and StatePlus Super admitted to engaging in miscount or possible misconduct with respect to advice fees in their ...

Royal Commission revisits fees for no service

KARREN VERGARA  |  MONDAY, 6 AUG 2018
... Commission's fifth round, which kicked off in Melbourne this morning, Senior Counsel Assisting Michael Hodge said AMP, CBA, IOOF, ANZ and StatePlus Super have admitted to engaging in miscount or possible misconduct with respect to advice fees in ...

Boutique equities manager raising $4 million

KANIKA SOOD  |  MONDAY, 6 AUG 2018
... director. James was Commsec's head of wholesale sales and an executive manager from December 2007 to June 2016. He was also CBA's head of adviser distribution, investor sales from June 2014 to June 2016. He said Seer would incorporate sustainable, responsible ...

Financial abuse: A hidden epidemic

JAMIE WILLIAMSON  |  MONDAY, 6 AUG 2018
... its helpline receiving about 90,000 calls in the first month. Initially launched as a 12-month pilot in November 2017, the CBA Domestic and Family Violence Emergency Assistance Program will continue indefinitely as a result of the volume of customers ...