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Showing 41 - 50 of 407 results for "Remediation"

Life insurer claims under regulator watch

CHLOE WALKER  |  MONDAY, 12 DEC 2022
... have implemented system fixes over the last few years. "They have each commenced, and six have completed, customer remediation programs," ASIC said. ASIC deputy chair Karen Chester explained consumers need to have the confidence that their insurers will ...

CBA increases Countplus indemnity to $520m

ANDREW MCKEAN  |  THURSDAY, 8 DEC 2022
... to Countplus, from $300 million to $520 million. CBA said the purpose of the increased limit was to cover certain remediation activities that were identified at the time of sale and up to four years post sale. "The estimates of ongoing service fee customer ...

Westpac updates on strategic priorities

CASSANDRA BALDINI  |  MONDAY, 7 NOV 2022
... unlikely it'll be able to sell the Pacific businesses in the short to medium term. Westpac added that it has completed 14 remediation programs but commenced several more in the year, which it noted were smaller in size than those closed. It reported ...

ANZ told to pay $25m for 20-year failure

JAMIE WILLIAMSON  |  THURSDAY, 27 OCT 2022
... the contractual benefits they were entitled to. The finding will result in ANZ paying an estimated $211 million in remediation, ASIC said. "The nature and extent of the contraventions was such that they occurred over a substantial period of time and ...

CommSec, AUSIEX to pay $27m penalty

JAMIE WILLIAMSON  |  WEDNESDAY, 26 OCT 2022
... and controls relating to CommSec and AUSIEX's services be carried out, along with a review of their respective remediation processes. Commonwealth Bank said it has already paid total remediation of $6.5 million including interest. "It is essential ...

ASIC updates remediation rules

CHLOE WALKER  |  TUESDAY, 27 SEP 2022
The corporate regular has refreshed guidance on remediation activities, as it reveals close to $2 billion in redress remains unpaid. Over the past six years, ASIC has overseen at least $5.6 billion in remediation for an estimated seven million consumers ...

AMP cops $14.5m penalty over fees for no service

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
... took action to rectify the issue, self-reported it to ASIC, apologised to customers and subsequently completed the remediation of affected members." "The remediation was completed in November 2019, with approximately 2,500 customers being remediated ...

SMSFA calls for budget amendments

CASSANDRA BALDINI  |  WEDNESDAY, 7 SEP 2022
... providing practical regulatory and compliance relief for minor breaches of the non-geared unit trust rules. "Currently remediation is strictly limited to the winding up of the unit trust that can be costly and have a severe impact on the fund." It concluded ...

Remediation bills revealed amid call for levy freeze extension

JAMIE WILLIAMSON  |  WEDNESDAY, 24 AUG 2022
... freeze. The figure is the total from ASIC show AMP, ANZ, Commonwealth Bank, Macquarie, NAB and Westpac's respective remediation programs that were commenced following the regulator's reviews into fees for no service and how large institutions oversee ...

ASIC response to Freedom Insurance saga continues

JAMIE WILLIAMSON  |  WEDNESDAY, 17 AUG 2022
ASIC has so far secured more than $102 million in remediation for Freedom Insurance customers and is urging anyone else who purchased life cover through the now-defunct insurer to come forward. Freedom Insurance went out of business after ASIC's review ...