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Showing 21 - 30 of 97 results for "fees for no service"

AMP flags recovery, profit jumps

KARREN VERGARA  |  THURSDAY, 12 AUG 2021
... said it has completed identifying the clients affected by any inappropriate advice and those who were charged fees for no service and expects to compensate them by October. George is confident that the group will redeem itself and undo the damage inflicted ...

AMP sued over corporate super misconduct

JAMIE WILLIAMSON  |  FRIDAY, 30 JUL 2021
ASIC is suing several AMP entities over fees for no service charged on corporate superannuation accounts. The regulator has commenced civil proceedings in the Federal Court against six companies that are, or were at the time of the conduct, part of ...

BTFM, Asgard Capital fined $3m

KARREN VERGARA  |  MONDAY, 26 JUL 2021
... Federal Court will force BT Funds Management and Asgard Capital Management to pay $1.5 million each for charging fees for no service and making misleading statements. Between September 2014 and August 2017, the court found that the companies harmed 404 ...

AMP shakes up advice service model

KARREN VERGARA, JAMIE WILLIAMSON  |  MONDAY, 26 JUL 2021
... said. AMP and subsidiary AMP Financial Planning were investigated for alleged criminal conduct for charging fees for no service in relation to its BOLR Policy and for making misleading statements. In July, the corporate regulator and Commonwealth Director ...

No charges in AMP BOLR investigation

JAMIE WILLIAMSON  |  FRIDAY, 16 JUL 2021
... for up to three months. The investigation related to suspected criminal conduct regarding the charging of fees for no service in relation to the BOLR Policy in breach of section 1041G (prohibition on dishonest conduct) of the Corporations Act. AMP Financial ...

Regulators warn trustees of super advice fee obligations

KARREN VERGARA  |  THURSDAY, 1 JUL 2021
... advice) from superannuation accounts in an effort to provide better protections for members against paying fees for no service. In recommendation 3.2, Commissioner Hayne suggested removing the ability for superannuation trustees to deduct advice fees ...

APRA approves MLC super takeover

ELIZABETH MCARTHUR  |  FRIDAY, 7 MAY 2021
... were not provided were not in members' best interests. Also in 2020, NAB was fined $57.5 million over fees for no service after NULIS admitted to misleading members and breaching the Corporations Act. NULIS itself copped $8 million of the fine. Earlier ...

Banks return $1.2bn for bad advice

ELIZA BAVIN  |  FRIDAY, 12 FEB 2021
... according to new ASIC figures. The funds have been returned to customers who suffered loss or detriment due to fees for no service misconduct or non-compliant advice. AMP, ANZ, CBA, Macquarie, NAB and Westpac undertook the review and remediation programs ...

Australian banks among most fined

ELIZABETH MCARTHUR  |  TUESDAY, 12 JAN 2021
... other two Australian bank fines in 2020 both went to National Australia Bank. One was $57.5 million in the fees for no service scandal and the second was $15 million for credit law breaches. Israel was in third place, although just one fine was handed ...

AMP, former employee settle

KANIKA SOOD  |  WEDNESDAY, 7 OCT 2020
... date, she was aware that companies in the AMP Group misrepresented to ASIC that some instances of charging fees for no service were results of administrative errors, and had corrected some of them to attribute them to business practice. About six months ...