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Showing 431 - 440 of 482 results for "Remediation"

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 ...

CBA refunds $7.6 million to 8400 customers

DARREN SNYDER  |  MONDAY, 19 OCT 2015
... 2014. CBA advised ASIC of its intention to undertake an investigation, engage an independent expert to review its remediation process to ensure an accurate calculation of refunds, and refund all affected customers. ASIC deputy chairman Peter Kell said ...

ASIC hits advice firm with more licence conditions

ALEX BURKE  |  FRIDAY, 2 OCT 2015
... expert for 18 months. The expert will report both to ASIC and TFSA, and will assist with the implementation of a client remediation program. "Adequate supervisory arrangements must be in place to ensure advisers are providing advice that is in the best ...

Difficult year for insurance income: CBA

DARREN SNYDER  |  THURSDAY, 13 AUG 2015
... wealth management results one underpinning theme for us and the industry overall is risk costs, compliance costs, and remediation costs for the time being - greater costs in those areas is really affecting the life of our business," Narev said.