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Showing 411 - 420 of 4424 results for "Poor"

ASIC files numerous cases against Westpac

JAMIE WILLIAMSON  |  TUESDAY, 30 NOV 2021
... apologise unreservedly to our customers." Commenting further, Court said: "A common aspect across these matters has been poor systems, poor processes and poor governance, which is suggestive of an overall poor compliance culture within Westpac at the ...

APRA hones in on post-retirement products

KARREN VERGARA  |  TUESDAY, 23 NOV 2021
APRA is adamant that retirement income products will not suffer the same fate as income protection insurance as it looks to tighten its belt in regulating the post-retirement phase. The prudential regulator's deputy chair Helen Rowell spoke of the ...

MLC to face court over insurance failures

JAMIE WILLIAMSON  |  FRIDAY, 19 NOV 2021
... 1999 and 2020. The action is against MLC Limited, the entity that owns MLC Life Insurance. The failures were the result of poor systems and controls, ASIC said, resulting in $17.5 million in financial harm to more than 260,000 customers. The financial ...

APRA to weed out underperforming choice products

KARREN VERGARA  |  FRIDAY, 29 OCT 2021
... superannuation trustees to lift their game and expose choice products that are failing members by charging high fees and delivering poor investment returns. APRA found that choice products charge 40% more in administration fees than MySuper products ...

Government-run super would leave members worse off: ISA

KARREN VERGARA  |  MONDAY, 25 OCT 2021
... slack, ISA chief executive Bernie Dean, said. "This plan would funnel millions of Australian workers into an expensive and poor performing government-controlled super fund - all so politicians can get their hands on people's money. Workers' savings would ...

APRA readies new super fund remuneration regime

KARREN VERGARA  |  TUESDAY, 19 OCT 2021
APRA is keeping its watchful eye on superannuation funds' preparedness for the new remuneration standards that take effect in 2023. APRA has released the updated version of Prudential Practice Guide CPG 511 Remuneration, where it expects boards to oversee ...

Actuaries Institute devises director skills checklist

JAMIE WILLIAMSON  |  MONDAY, 18 OCT 2021
... capabilities in insurance - claims management and underwriting - are lacking on the boards of major life insurers, likely leading to poor claims experience. "Irrespective of their domain skills, directors need to have the capability and motivation to ...

Super system "frayed": Hume

ELIZABETH MCARTHUR  |  FRIDAY, 15 OCT 2021
Minister for financial services Jane Hume said that the superannuation system in Australia has frayed edges in need of repairs, during a speech at the World Pension Summit 2021. "And while it's a system that wears three decades of alternations and add-ons ...

Super funds extend poor disclosure to ESG holdings

KARREN VERGARA  |  MONDAY, 11 OCT 2021
Superannuation funds are extending their opaque disclosure practices to their environment, social and governance commitments. The recent Financial Standard Best Practice Forum on ESG heard that only a small subset of super funds are walking the talk ...

OnePath tops Fat Cat super fund list

KARREN VERGARA  |  FRIDAY, 8 OCT 2021
OnePath has toppled AMP to become the worst-performing superannuation fund based on Stockspot's annual ranking. In analysing some 600 multi-asset investment options offered by 100 super funds, OnePath took the gold prize as the overall worst performer ...