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

Search Results

Showing 611 - 620 of 900 results for "Compensation"

FOS demands licensee-funded consumer protection scheme

LAURA MILLAN  |  MONDAY, 8 SEP 2014
... distribute financial products should fund a default consumer protection scheme to ensure consumers are paid when awarded compensation, the Financial Ombudsman Service (FOS) asked in its submission to the Financial System Inquiry (FSI). The proposal was ...

AMP lifts minimum adviser standards

LAURA MILLAN  |  THURSDAY, 21 AUG 2014
... at the centre of a Senate inquiry after media reports unveiled cases of adviser misconduct and inconsistent client compensation processes. AMP will also set up a Customer Advice Review that will attend customer complaints about the quality of advice ...

Greens slam CBA executives pay rise

LAURA MILLAN  |  TUESDAY, 19 AUG 2014
Top Commonwealth Bank (CBA) executives should have frozen their salaries or even taken a pay cut while the compensation process for thousands of victims of poor financial advice remains ongoing, Greens Senator Peter Wish-Wilson said. "It is not a good ...

Maurice Blackburn mulls class action against Macquarie

LAURA MILLAN  |  MONDAY, 18 AUG 2014
... best course of action. "We are looking at the potential for a class action, individual action or entering into the compensation scheme," Berrill said, and added that the latter is not ideal, but is "better than nothing." He expressed concern that the ...

Advice group sues online forum over negative review

LAURA MILLAN  |  MONDAY, 18 AUG 2014
... that they have now commenced legal proceedings." WCS Group is asking for a court order to remove the comments, for compensation for damages and for a declaration that Whirlpool "engaged in conduct that constitutes the tort of injurious falsehood." Whirlpool ...

Macquarie forced to contact all advice clients for remediation

LAURA MILLAN  |  FRIDAY, 15 AUG 2014
... 2004. The EU, imposed by the Australian Securities and Investments Commission (ASIC), forces Macquarie to establish a compensation process that mirrors that of Commonwealth Bank's financial planning divisions, Commonwealth Financial Planning and Financial ...

CBA dismisses Murray's concerns over vertical integration

LAURA MILLAN  |  THURSDAY, 14 AUG 2014
... in their best interest." He referred to recent cases of poor financial advice, which have forced CBA to set up a compensation program that goes back to advice provided in 2003. "If we violate that [best interest], we need to make it right," he said. ...

CBA posts record profit, strong wealth management growth

LAURA MILLAN  |  WEDNESDAY, 13 AUG 2014
... 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, but the group has not revealed how much this is likely to cost. "The group considers that provisions ...

CBA appoints international experts to oversee advice program

LAURA MILLAN  |  MONDAY, 11 AUG 2014
... company results, which will be released this Wednesday. Promontory Financial Group will review the processes of CBA's compensation program to victims of poor financial advice between 2003 and 2012. The group will also report periodically on the outcomes ...

CBA, ASIC unveil details of new compensation scheme

LAURA MILLAN  |  FRIDAY, 8 AUG 2014
... found to be inconsistent. Commonwealth Financial Planning (CFPL) and Financial Wisdom (FW) will have to reopen the compensation process by contacting more than 4,000 clients with an assessment of the advice received and an offer for a further review. ...