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Showing 421 - 430 of 475 results for "Remediation"

Banks launch major consumer protection program today

ALEX BURKE  |  THURSDAY, 21 APR 2016
... compensation scheme covering financial advisers." Banks will also work with ASIC to expand the regulator's review of customer remediation programs for financial advice and implement an "industry register" to easily identify "rogue advisers" so as to ...

ASIC releases 2016 enforcement report

KERRIE SYDEE  |  THURSDAY, 31 MAR 2016
... for the future. The report highlighted that over the six month period ASIC secured $149 million in compensation and remediation for consumers and investors, removed 27 individuals from financial services, laid 42 criminal charges, charged six persons ...

ANZ appoints PwC for OnePath compliance review

ALEX BURKE  |  TUESDAY, 15 MAR 2016
... and funds management activities within OnePath, which resulted in roughly $4.5 million in compensation and "other remediation" of around $49 million. Breaches included having member contributions allocated to incorrect super accounts for up to a year ...

ACE forced to pay $1m for poor Combined sales culture

MARK SMITH  |  FRIDAY, 26 FEB 2016
... the EU, ACE Insurance is required to appoint an independent expert to review Combined's compliance systems, put a remediation plan to compensate affected consumers in place and make a donation of $1 million to financial counselling and financial literacy ...

Suncorp to drop aligned advice businesses

ALEX BURKE  |  WEDNESDAY, 25 NOV 2015
... surveillance which uncovered deficiencies in the advice it provided to retail clients." Suncorp Life has undertaken a client remediation program to address these issues. According to ASIC, the additional license conditions will be carried over to Suncorp's ...

CBA refunds $80m for failing to apply discounts

LAURA MILLAN  |  WEDNESDAY, 25 NOV 2015
... holders. CBA also engaged independent firm EY to review and provide recommendations to improve controls, ensure its remediation process would identify all those affected, and ensure an accurate calculation of refunds. "Manual processes to apply discounts ...

ASIC accepts J.P. Morgan enforceable undertaking

ALEX BURKE  |  THURSDAY, 19 NOV 2015
... commencement of the service. As a result, the entities must now appoint an ASIC-approved independent expert, establish a remediation plan and then undertake a "hindsight review." "It is fundamental to the class order relief granted to foreign financial ...

Macquarie set to pay $14m to advice clients

LAURA MILLAN  |  MONDAY, 2 NOV 2015
... compensation. In July, the group reported it had paid $11 million to disgruntled advice clients, a year after the remediation program was put in place. The figure had increased to $14 million by the end of September. The program is considered the most ...

AMP wealth earnings down post-Genesys closure

ALEX BURKE  |  FRIDAY, 23 OCT 2015
... experience is to be expected from period to period given the size of AMP's in-force book in Australia. Further, as remediation of the Australian wealth protection business progresses, there continues to be potential for increased experience volatility," ...

NAB pays $1.7 million in compensation

ALEX BURKE  |  THURSDAY, 22 OCT 2015
... announced it would write to customers who had suffered "financial loss caused by inappropriate advice since 2009." The remediation program is ongoing, and NAB reaffirmed its commitment to respond to new complaints within 45 days, with Professor Dimity ...