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Showing 21 - 30 of 755 results for "Compensation"

AFCA amends consumer compensation caps

KARREN VERGARA  |  TUESDAY, 9 JAN 2024
The Australian Financial Complaints Authority (AFCA) has revised the maximum amount consumers can claim for compensation. As of 1 January 2024, the maximum compensation amount a complainant can apply for is $1.263 million, which was previously $1.085 ...

Mitsubishi UFJ Financial Group to acquire Link Group

KARREN VERGARA  |  MONDAY, 18 DEC 2023
... assessment if the deal is in the best interests of Link shareholders. Last week, Link Fund Solutions finalised the compensation amount of $438 million it will pay investors in the failed Woodford Equity Income Fund.

Woodford investors approve Link redress scheme

JAMIE WILLIAMSON  |  FRIDAY, 15 DEC 2023
Close to 100% of investors trapped in the failed LF Woodford Equity Income Fund have approved the compensation scheme under which up to $438 million will be paid by Link Fund Solutions. About 93.7% of investors - representing 96.1% of the value - voted ...

CSLR chief executive named

JAMIE WILLIAMSON  |  FRIDAY, 8 DEC 2023
The Compensation Scheme of Last Resort (CSLR) Transitional Board named the scheme's inaugural chief executive ahead of its planned commencement next April. David Berry has been appointed chief executive of the CSLR, effective December 11. Berry is currently ...

FCA mulls capital requirements for firms giving bad advice

ANDREW MCKEAN  |  THURSDAY, 30 NOV 2023
... competitors. That needs to change. It is important that the polluter pays," Pritchard said. The Financial Services Compensation Scheme (FSCS) paid out nearly £760 million for poor advice by insolvent personal investment firms between 2016 and 2022. ...

OnePath cops $5m fine over fees for no service

CASSANDRA BALDINI  |  THURSDAY, 30 NOV 2023
... admitted to the conduct and jointly agreed with ASIC to pay the penalty. Two allotments of $2.5 million served as compensation for both breaches. Despite the wrongdoing, court documents concede that OnePath did not deliberately seek financial gain through ...

AFCA secures $1.2bn in refunds

CASSANDRA BALDINI  |  TUESDAY, 21 NOV 2023
Since its inception, the Australian Financial Complaints Authority (AFCA) has clawed back $1.2 billion in compensation and refunds for more than 400,000 consumers and small businesses. Reaching its fifth year in operation, AFCA explained its efforts ...

ASIC strips institutional broker's AFSL

ANDREW MCKEAN  |  THURSDAY, 16 NOV 2023
... Markets must continue its membership with the Australian Financial Complaints Authority (AFCA) and uphold its client compensation commitments, including professional indemnity insurance coverage. The institutional broker, formerly authorised to provide ...

E&P settles class action for $16m

KARREN VERGARA  |  WEDNESDAY, 15 NOV 2023
... ability to claim against it before the Australian Financial Complaints Authority (AFCA) and potentially under the Compensation Scheme of Last Resort (CSLR). Former chief Dixon stepped down in mid-2019 amid the controversy surrounding ASX-listed URF. ...

More than $17m paid in CFD-related remediation

JAMIE WILLIAMSON  |  THURSDAY, 9 NOV 2023
More than $17.4 million has been made in compensation payments to retail clients affected by legal breaches by eight retail OTC derivative issuers, $13 million of which was paid by Binance alone. ASIC said the payments have been made to more than 2000 ...