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Showing 31 - 40 of 91 results for "Poor advice"

ANZ Australia risk chief exits

JAMIE WILLIAMSON  |  FRIDAY, 28 FEB 2020
... audit found 5% of advice provided did not meet the best interests duty and also that the number of instances in which poor advice was provided jumped dramatically from 60 in 2008 to 2810 in 2015. This was despite the number of advisers licensed by the ...

Suncorp pays $1.4m remediation bill

JAMIE WILLIAMSON  |  TUESDAY, 3 SEP 2019
... fund the compensation. In addition, Suncorp also compensated clients who may have been at risk of having received poor advice from 'high-risk' advisers, who were identified using a range of risk metrics applied to all advisers in the Guardian Advice ...

ASIC clamps down on poor advice, grandfathered commissions

KARREN VERGARA  |  WEDNESDAY, 28 AUG 2019
ASIC warned it will clamp down on financial advice misconduct and ensure it sees an end to grandfathered commissions. The corporate watchdog outlined its priorities for the advice sector between now and 2023 in its recently released Corporate Plan. ...

ASIC reveals advice remediation progress

HARRISON WORLEY  |  THURSDAY, 1 AUG 2019
... total shown in the table. By June 30 this year, NAB had paid more than $32 million to 1032 customers affected by the poor advice of 81 financial advisers. CBA paid the lowest amount of remediation and had the equivalent of only 1.5 full-time staff working ...

Sam Henderson cops ASIC ban

KANIKA SOOD, JAMIE WILLIAMSON  |  WEDNESDAY, 24 JUL 2019
... justifying why the in-house products were better than his clients' existing products, ASIC said. One example of poor advice highlighted during the Royal Commission was that of Henderson repeatedly pushing Fair Work commissioner Donna McKenna to establish ...

Risk commission changes imperil advice practices

KARREN VERGARA  |  WEDNESDAY, 5 JUN 2019
... 2020, the cap reduces to 60%, with a 20% trailing commission thereafter. "The commission model gets the blame for poor advice, poorly documented and delivered advice, no advice and lapse rates when objectively it isn't responsible for the life insurance ...

CBA to refund dead customers, grandfathered commissions

JAMIE WILLIAMSON  |  TUESDAY, 9 OCT 2018
... about $580 million improving its advice business in the last six years, including $270 million in remediation for poor advice and wrongfully charged fees.

Productivity Commission proposes more changes to financial advice

KARREN VERGARA  |  MONDAY, 6 AUG 2018
... What's worrying for consumers is that they remain loyal to unsuitable products with little or no benefit thanks to poor advice, and complex information attached to high margin products, the report said. By mid-2020, the Commission said 'general ...

ASIC drags Westpac to court

KANIKA SOOD  |  MONDAY, 18 JUN 2018
ASIC has initiated civil penalty proceedings against Westpac in relation to a Perth financial planner whose poor advice has already seen the bank foot a $12 million bill to remediate clients. Sudhir Sinha provided financial advice in the Perth area ...

Social media singles out ASIC in Royal Commission coverage

ALEX BURKE  |  MONDAY, 16 APR 2018
... 16, 2018 Likewise, Consumer Action Law Centre senior policy officer Susan Quinn noted how many SMSFs have received poor advice. Pretty unbelievable conduct being exposed here. How the systems that underpin a core business offering could be that bad should ...