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Showing 31 - 40 of 97 results for "fees for no service"

NAB fined over fees for no service

ANNABELLE DICKSON  |  MONDAY, 14 SEP 2020
The Federal Court of Australia has fined National Australia Bank $57.5 million over deceptive and misleading conduct. The proceedings commenced in 2018 and were initially brought by ASIC against NAB units NULIS and MLC Nominees for the charging of plan ...

Advice remediation tops $1bn

ELIZABETH MCARTHUR  |  MONDAY, 24 AUG 2020
... billion figure had been reached at 30 June 2020. The payments relate to ASIC report 499 Financial advice: Fees for no service and ASIC report 515 Financial advice: Review of how large institutions oversee their advisers. When it comes to fee for no service ...

ASIC takes action against BTFM, Asgard, StatePlus

JAMIE WILLIAMSON  |  THURSDAY, 20 AUG 2020
ASIC has commenced Federal Court proceedings against BT Funds Management and Asgard over fee-for-no-service conduct and making misleading representations in relation to the fees. It has also launched a similar case against StatePlus. ASIC alleges that ...

IOOF divests Australian Ethical

ELIZABETH MCARTHUR  |  FRIDAY, 7 AUG 2020
... divested AMP over revelations about AMP's advice business that emerged during the Royal Commission. It cited fees for no service, failure to reprimand dishonest advisers and remediate clients and keeping clients in expensive products as issues prompting ...

Lazard dumps AMP shares

ELIZABETH MCARTHUR  |  TUESDAY, 4 AUG 2020
... of Last Resort Valuations. AMP was already facing class actions in relation to superannuation and alleged fees for no service from Maurice Blackburn and Slater and Gordon. Also in the last month, Standard & Poor's downgraded AMP Limited's credit rating ...

Advisers involved in ERS scams: ASIC

ELIZABETH MCARTHUR  |  WEDNESDAY, 20 MAY 2020
... personal financial advice was sighted by the regulator as concerning conduct it has identified. Issues with fees for no service when advice providers offer an upfront consolidation of super service, then charge an ongoing asset-based fee with no further ...

Former Spectrum Wealth, NAB advisers banned

ELIZA BAVIN  |  THURSDAY, 30 APR 2020
... Australia's largest financial institutions with respect to credit and retail lending, financial advice, fees for no service, superannuation trustees, insurance, unfair contract terms, and other licensee obligations.

Compensation bill hits $750m

ELIZA BAVIN  |  WEDNESDAY, 12 FEB 2020
... institutions who are reimbursing customers who suffered loss or detriment because of non-compliant advice or fees for no service misconduct. CBA has offered the most in compensation out of the six, coming in at $164.8 million, though the amount paid ...

Cbus head of advice launches firm

KANIKA SOOD  |  FRIDAY, 17 JAN 2020
... says that members' money can't be used for advice other than intra-fund advice and it could be treated as fees for no service but ASIC hasn't held them to account for it so far," he said. He says the Cbus referral program was one way that superannuation ...

NAB revamps superannuation trustee board

KANIKA SOOD  |  TUESDAY, 14 JAN 2020
... conditions put on its AFSL nearly three years ago. The regulator is pursuing NULIS in the Federal Court over fees for no service conduct, and also working with it to improve in line with Royal Commission recommendations. Steve Schubert has been appointed ...