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Showing 31 - 40 of 473 results for "remediation"

Legal costs weigh on AMP profits

JAMIE WILLIAMSON  |  THURSDAY, 7 AUG 2025
Costs associated with remediation and its simplification strategy put a slight dent in AMP's half-year net profits, coming in at $98 million. Released this morning, AMP's results show a 5% drop in interim net profit, largely attributed to $11 ...

APRA slaps $5.5m capital penalty on KeyInvest

MATTHEW WAI  |  TUESDAY, 5 AUG 2025
... operational risk capital add-on, as well as additional licence conditions requiring KeyInvest to design and implement remediation plan addressing the review's recommendations. APRA is also anticipating a board renewal plan from the life insurer. ...

ASIC sues Fortnum Private Wealth

KARREN VERGARA  |  TUESDAY, 22 JUL 2025
... where FPW had delivered the advice." Brown went on to say that regulatory reporting of the incident and any client remediation was completed in a timely manner. "There was no client financial loss detected; however, we sincerely regret the concern that ...

Macquarie raked over the coals again by ASIC

ANDREW MCKEAN  |  WEDNESDAY, 14 MAY 2025
... in little over a year. "Our actions reflect the ongoing and deep concerns we have with Macquarie Group and its weak remediation of long-standing issues, which led us to impose additional conditions on Macquarie Bank's Australian Financial Services ...

Macquarie reprimanded again for derivatives compliance failures

KARREN VERGARA  |  WEDNESDAY, 7 MAY 2025
... understanding of its own processes and controls, including around data governance. The bank will now have to prepare a remediation plan to address its failures in the futures dealing business and OTC derivatives trade reporting functions and explain ...

AFCA highlights 'pattern of delays' in super

ELIZA BAVIN  |  TUESDAY, 29 APR 2025
... Protection insurance for members when they left their employment. This issue affected over 1500 members and resulted in remediation costs of $1,430,426. Additionally, AFCA reminded super funds that rollovers must be processed within regulatory timeframes ...

APRA hits ANZ with $1bn capital penalty

ELIZA BAVIN  |  THURSDAY, 3 APR 2025
... culture. APRA said it has been taking measures, through reviews and engagements with ANZ, to supervise the bank's remediation of these weaknesses. However, the regulator said it has observed that the weaknesses remain present across the bank. In August ...

RBA and ASIC slam the ASX: 'Deeply disappointed'

ELIZA BAVIN  |  MONDAY, 31 MAR 2025
... this major operational incident." The regulators also highlighted their concern about the speed and nature of ASX's remediation actions following the initial incident. In response, the RBA has taken the unprecedented step of reassessing the compliance ...

AustralianSuper sued over death benefit delays

JAMIE WILLIAMSON  |  WEDNESDAY, 12 MAR 2025
... efficiently, honestly and fairly between July 2019 and October 2024. In November 2024, AustralianSuper undertook a remediation program, paying $4.2 million to about 7000 beneficiaries whose claims took longer than the fund's internal target handling ...

Multiple account bungle costs AustralianSuper $27m

KARREN VERGARA  |  FRIDAY, 21 FEB 2025
... earnings. Between May and June 2023, AustralianSuper paid about $69 million to 90,000 affected members as part of its remediation program since 1 July 2013. In determining the $27 million penalty applicable for the 2019 and 2023 period, Judge Hespe said ...