Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 581 - 590 of 5291 results for "customer"

OnePath cops $5m fine over fees for no service

CASSANDRA BALDINI  |  THURSDAY, 30 NOV 2023
The Federal Court has imposed a $5 million penalty on OnePath Custodians for unlawfully deducting adviser service fees from members. According to court documents, the trustee made misleading representations about its right to continue charging fees ...

Commonwealth Super Corp selects Challenger for retirement products

CHLOE WALKER  |  TUESDAY, 28 NOV 2023
... guidance to customers, regardless of the path they choose in their retirement," he said. "Customers are guided using customer cohort-based retirement profiles, simplifying their journey to accessing retirement income." According to Hill, CSC designed ...

Young women report low financial literacy: NAB

CASSANDRA BALDINI  |  FRIDAY, 24 NOV 2023
... financial hardship in the past three months has increased for the sixth consecutive quarter, reaching 44%. NAB head of customer vulnerability Michael Chambers explained that many people are one unexpected life event away from financial hardship. "While ...

Mercer fined $12m over advice failures

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
Mercer Financial Advice will pay $12 million after the Federal Court found it failed to meet some disclosure obligations and charged almost $5 million in fees to clients when it was not entitled to do so. Mercer admitted that, between July 2016 and ...

Perth Mint enters voluntary enforceable undertaking

CASSANDRA BALDINI  |  THURSDAY, 23 NOV 2023
Perth Mint has entered an enforceable undertaking (EU) with AUSTRAC to improve compliance with Australia's anti-money laundering and counter-terrorism financing (AML/CTF) laws. In August, the financial crimes regulator ordered the appointment of ...

SEC sues Kraken exchange again

CASSANDRA BALDINI  |  WEDNESDAY, 22 NOV 2023
... complaint, Kraken blends its customers' money with its own, paying operational expenses directly from accounts holding customer cash. It also allegedly mixes its customers' crypto assets with its own, creating something its own auditor had identified ...

AFCA secures $1.2bn in refunds

CASSANDRA BALDINI  |  TUESDAY, 21 NOV 2023
Since its inception, the Australian Financial Complaints Authority (AFCA) has clawed back $1.2 billion in compensation and refunds for more than 400,000 consumers and small businesses. Reaching its fifth year in operation, AFCA explained its efforts ...

Robo-adviser reaches US$50bn milestone

KARREN VERGARA  |  MONDAY, 20 NOV 2023
While the local robo-advice industry flounders, Wealthfront has hit a record high of more than US$50 billion ($77bn) in assets under management, catering to 700,000 investors. The US robo-adviser boasted that as it continues to diversify offerings ...

Product modernisation will strengthen retirement outcomes: FSC

CHLOE WALKER  |  MONDAY, 20 NOV 2023
... billion invested in superannuation and investment options that could benefit from modernisation, impacting over 1.8 million customer accounts," FSC chief executive Blake Briggs said. "Allowing superannuation trustees and fund managers to move consumers ...

Settlement approved in AMP shareholder class action

JAMIE WILLIAMSON  |  WEDNESDAY, 15 NOV 2023
The $110 million settlement that was reached in the long-running fees-for-no-service class action against AMP was approved by a judge yesterday. The class action was filed in June 2018 and came on the back of misconduct made public by the Royal Commission. ...