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Showing 461 - 470 of 475 results for "Remediation"

CBA opens up compensation review to all advice clients

LAURA MILLAN  |  THURSDAY, 3 JUL 2014
Commonwealth Bank (CBA) will set up a broad remediation program with independent oversight for all customers who received advice between 2003 and 2012. CBA chief executive Ian Narev spoke to the media a week after the Senate Economics Committee issued ...

Financial Wisdom to face class action for poor advice

LAURA MILLAN  |  MONDAY, 16 JUN 2014
... informed that cases where customers were not offered compensation were assessed in accordance with Project Hartnett's remediation methodology and that the process was validated by the independent expert Ernst & Young, which in turn reported to ASIC. ...

CBA does not address "sketchy" info allegations

LAURA MILLAN  |  THURSDAY, 29 MAY 2014
... all received written communications and that an independent accountancy expert did not oversee Financial Wisdom's remediation process. ASIC noted that its submissions reflected the incorrect information from CBA's initial statements. As a consequence ...

CBA and ASIC "sketchy" info delays inquiry conclusion

LAURA MILLAN  |  WEDNESDAY, 28 MAY 2014
... documents from ASIC and CBA from May 16, which both organisations had refused to make public. CBA admitted that the client remediation process described in the submission "was not applied consistently." It said that not all CBA Financial Planning and ...

ASIC admits wrongdoing in Senate hearing

LAURA MILLAN  |  FRIDAY, 11 APR 2014
... file. Maurice Blackburn represented CBA victims in the class action against the bank. Bishop asked: "If the process of remediation and reconstruction of files was in itself inadequate and led to poor outcomes, why were you satisfied by it?" Kirk answered ...

CBA promoted Nguyen to keep him away from clients

LAURA MILLAN  |  THURSDAY, 10 APR 2014
... could prove she was not in Australia at the time the documents were signed. After a second investigation, CBA put remediation processes in place and looked at about 7,038 client files. "A lot of these cases were actually remediated and we had very good ...

APRA releases final SuperStream reporting standards

JAMES FERNYHOUGH  |  THURSDAY, 5 DEC 2013
... be a role for human intervention in administrative functions, whether for quality assurance, fraud control or error remediation. However, SuperStream is expected to facilitate an increased proportion of transactions which could be processed straight ...

BOQ to fork out $46 million over interest rate botch

JAMES FERNYHOUGH  |  THURSDAY, 15 AUG 2013
... an internal review found it had applied incorrect interest rates and fees. BOQ said it will also incur additional remediation costs of $11.5 million, bringing the total loss to about $46 billion. However, BOQ said that the refund will be treated as a ...

Mac Private Wealth forced to rectify serious deficiencies

MARK SMITH  |  WEDNESDAY, 30 JAN 2013
... back as 2008. ASIC's review found these deficiencies, which were not reported to ASIC, to be serious and that any remediation initiatives attempted by Macquarie Private Wealth over a four year period had been ineffective. The wealth division has agreed ...

Outsourcing risk worries APRA

BEN COLLINS  |  FRIDAY, 21 SEP 2012
... to promote greater resilience in ADIs' retail operations, including encouraging continued progress in programs of remediation.