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Showing 421 - 430 of 912 results for "Compensation"

No time for complacency: AIST

KARREN VERGARA  |  WEDNESDAY, 5 SEP 2018
... unable to stop the "bad behavior." Scheerlinck added the Australian Securities and Investments Commission estimates compensation due to members will top $1 billion - based on the fees for no service issue alone. Amid the recent leadership spill and new ...

Retail super funds reject MySuper delays

KARREN VERGARA  |  TUESDAY, 4 SEP 2018
... Act with respect to plan service fees (PSFs) deducted from member accounts with no linked adviser. NAB/MLC's PSF compensation figure reached $87.1m, jumping from the $67.1m it originally reported in July. Former NULIS Nominees chair Nicole Smith, the ...

NAB initially under-reported remediation bill to ASIC

KANIKA SOOD  |  MONDAY, 13 AUG 2018
NAB initially reported a compensation bill of about $22 million less than what it actually owed to customers for plan service fees, as the corporate regulator was capping off a report on the matter in late 2016. By 24 October 2016, NAB's estimated plan ...

NAB compensation delays hopelessly conflicted: Royal Commission

KARREN VERGARA  |  WEDNESDAY, 8 AUG 2018
NAB found itself in a "hopelessly conflicted" situation by delaying the process of compensating members charged fees for no service in order to maintain profit levels, the third day of the Royal Commission's inquiry into superannuation heard. This ...

Fees for no service remediation passes $250 million

DARREN SNYDER  |  WEDNESDAY, 8 AUG 2018
... whether these fees constituted fees for no service. In May, ASIC chair James Shipton said there will be more consumer compensation to come over fees for no service. He also alluded to the regulator implementing new supervisory frameworks for the entire ...

Plan service fees did not constitute fee for no service: NAB

HARRISON WORLEY  |  TUESDAY, 7 AUG 2018
... service fees it charged to customers. Initially, MLC announced it would refund $67 million in advice fees, however the compensation figure now stands at $87.1 million, after NULIS handed the updated figure to the Commission in a statement last week.

IOOF continues organic growth trajectory

JAMIE WILLIAMSON  |  TUESDAY, 7 AUG 2018
... IOOF told staff at the time. Combined, the acquisitions see IOOF's Australian Executor Trustees become the largest compensation trust provider in the nation. Kelaher added that the addition of ANZ Wealth's pension and investments business will add to ...

NAB looked to keep plan service fees, Royal Commission hears

HARRISON WORLEY  |  TUESDAY, 7 AUG 2018
... - 'this is the wrong way to think about the situation,'" Hodge asked. Carter said he did not. The MLC/NAB compensation figure now stands at $87.1 million according to NULIS in a statement handed down to the commission last week. Yesterday the ...

Royal Commission revisits fees for no service

KARREN VERGARA  |  MONDAY, 6 AUG 2018
... that fell below community expectations. In a statement handed down to the Commission just last week, NULIS said the compensation figure has reached $87.1 million. In other matters, Hodge flagged the investment performance of MySuper funds and any deviation ...

AMP moves to reset business

JAMIE WILLIAMSON  |  FRIDAY, 27 JUL 2018
AMP is reducing fees on its flagship MySuper products and expediting $290 million in compensation to customers that received bad financial advice. Reflecting plans for the simplification of its superannuation product offering, AMP said it will implement ...