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Showing 41 - 50 of 105 results for "Senate Economics Committee"

CBA posts record profit, strong wealth management growth

LAURA MILLAN  |  WEDNESDAY, 13 AUG 2014
... misbehaviour within CBA's financial planning units, which were unveiled by media reports and a sweeping Senate Economics Committee inquiry. Since then, CBA has put in place an Open Advice Review program to review compensation to victims of poor advice ...

CBA appoints international experts to oversee advice program

LAURA MILLAN  |  MONDAY, 11 AUG 2014
... Exchange Commission from 2009 - 2012. The Open Advice Review program was set up after media reports and a Senate Economics Committee inquiry unveiled systemic problems within CBA's financial advice businesses Commonwealth Financial Planning and Financial ...

ASIC lowers wholesale investor threshold to $2.5 million

LAURA MILLAN  |  MONDAY, 11 AUG 2014
... government raising the issue as early as 2011. However, the regulator only clarified the definition after a Senate Economics Committee inquiry into ASIC's performance recommended it. During the Senate inquiry, University of New South Wales law professor ...

CBA, ASIC unveil details of new compensation scheme

LAURA MILLAN  |  FRIDAY, 8 AUG 2014
... their advice and any compensation offer was adequate. This information was made public in the wake of a Senate Economics Committee inquiry into the performance of ASIC, which was prompted by cases of poor advice, alleged fraud and document forgery within ...

Claims against advice arm have no factual basis: Macquarie

LAURA MILLAN  |  MONDAY, 4 AUG 2014
... all concerns about compliance failings and bad advice within Macquarie Private Wealth. However, the Senate Economics Committee final report of ASIC inquiry flagged "systemic failings of compliance" within Macquarie Private Wealth. The report recommended ...

CBA whistleblower casts doubts over compensation scheme

LAURA MILLAN  |  THURSDAY, 24 JUL 2014
... and Investments Commission] ASIC should be involved in compensation," given concerns expressed by the Senate Economics Committee over past programs headed by CBA and overviewed by the regulator. The final report said: "As the committee gathered more ...

CBA to fund adviser education and association membership

LAURA MILLAN  |  FRIDAY, 18 JUL 2014
... by Financial Standard, CBA decided to raise adviser standards in the wake of the final report of the Senate Economics Committee inquiry looking into the performance of the Australian Securities and Investments Commission's (ASIC). A CBA spokesperson ...

Cormann tables adviser register to "weed out bad apples"

LAURA MILLAN  |  THURSDAY, 17 JUL 2014
... Advice (FoFA) legislation. Cormann also noted that the initiative follows recommendation 44 of the Senate Economics Committee inquiry into the performance of the Australian Securities and Investment Commission (ASIC). "Our goal remains to ensure that ...

Sustaining confidence in the Australian financial system: Murray

DAVID MURRAY  |  TUESDAY, 15 JUL 2014
... contracts. It also raises concerns with the quality of financial advice. Our report was finalised before the Senate Economics Committee released its report on the performance of ASIC. However, we appear to have identified similar issues regarding ASIC's ...

Retired High Court judge to chair CBA review panel

LAURA MILLAN  |  FRIDAY, 11 JUL 2014
... of the International Court of Justice (ICJ). CBA announced the Open Advice Program a week after the Senate Economics Committee released a report largely critical of the bank's advice process over the past years and of the way it dealt with consumer complaints. ...