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Showing 41 - 50 of 65 results for %22Compensation Scheme of Last Resort%22

FAR draft legislation released

KANIKA SOOD  |  MONDAY, 19 JUL 2021
... jointly administered by ASIC and APRA. The government has also released the draft legislation establishing the Compensation Scheme of Last Resort, which was also recommended by the Royal Commission. "The establishment of the Compensation Scheme of Last ...

AFCA left toothless on Mayfair complaints

ELIZABETH MCARTHUR  |  MONDAY, 22 MAR 2021
... acknowledged there is still an access to justice problem for consumers - one that can probably only be solved by the compensation scheme of last resort coming into effect. "AFCA should provide quicker access to justice but if the relevant licensees have ...

Advice reforms to be legislated: Hume

ANNABELLE DICKSON  |  WEDNESDAY, 14 OCT 2020
After having previously been placed on hold, the single disciplinary body for financial advisers and the compensation scheme of last resort is set to be legislated by mid-2021. Speaking at the 2020 Association of Financial Advisers Vision Conference ...

Bendigo and Adelaide Bank to face fresh class action

ELIZABETH MCARTHUR  |  TUESDAY, 11 AUG 2020
... Bendigo and Adelaide Bank class action, has used the losses incurred by Navra's former clients to argue a compensation scheme of last resort is needed.

Positives from the pandemic for advisers

ELIZABETH MCARTHUR  |  TUESDAY, 24 MAR 2020
... events look promising," Johnson said. The AIOFP is positive about Treasury's request for market views on the Compensation Scheme of Last Resort because submissions and commentary are acknowledging that advice and product failures are separate. Politicians ...

FSC calls for CSLR claims cap

ALLY SELBY  |  FRIDAY, 14 FEB 2020
... misconduct at "reasonable levels" so as not to create a "moral hazard". In a submission to the Treasury's Compensation Scheme of Last Resort (CSLR), the FSC urged the government to work with the financial services industry to ensure that CSLR compensation ...

Separate advice and product: AIOFP

ELIZABETH MCARTHUR  |  FRIDAY, 7 FEB 2020
... Financial Professionals wants product failures and financial losses from those failures factored into the Compensation Scheme of Last Resort. The AIOFP said it agrees with the "general thrust" of the Compensation Scheme of Last Resort and findings from ...

Peak bodies respond to government roadmap

KRISTI CHENG  |  TUESDAY, 20 AUG 2019
... the council, however, with the FSC naming the new disciplinary system for financial advisers, as well as the compensation scheme of last resort as recommendation it "believes require further discussion with the government". The final report of the Royal ...

Misconduct must end: Frydenberg

DARREN SNYDER  |  MONDAY, 4 FEB 2019
... at focus on improving financial services for consumers. For the first time the Government will establish a compensation scheme of last resort to ensure that consumers can have their case heard "and be confident that where compensation is owed it will ...

NAB details serious compliance concerns in RC advice submission

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... no adviser was allocated to the client. As at 31 January 2018, NAB has agreed to pay approximately $6.6 million in compensation to more than 25,000 clients impacted by misconduct in regards to adviser service fees and $35 million in compensation to more ...