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Showing 51 - 60 of 203 results for "Indemnity"

ASIC cancels AFSLs

ANNABELLE DICKSON  |  TUESDAY, 25 MAY 2021
... failed to pay an AFCA determination and failed to lodge its 2020 audited financial accounts and maintain professional indemnity insurance cover. Direct My Wealth held an AFSL since 13 January 2016 and an ACL since 14 January 2016 whereas Starkey held ...

CBA adds $32m to advice remediation bill

KARREN VERGARA  |  WEDNESDAY, 12 MAY 2021
The Commonwealth Bank has upped its indemnity bill to $252 million for dodgy financial advisers who were part of its former subsidiary Count Financial. CBA sold off Count Financial to CountPlus in mid-2019. At the time, CBA provided $200 million in ...

APRA outlines indemnity measures

ANNABELLE DICKSON  |  TUESDAY, 23 MAR 2021
... can expose ADIs to significant liabilities. The regulator expects that indemnities are capped and time-bound and that indemnity types are clearly distinguished, to reflect the difference in risk profile of the underlying exposures. APRA executive director ...

ASIC policy on debenture trustees inconsistent: MSC

KANIKA SOOD  |  FRIDAY, 29 JAN 2021
... Corporations Act. The section lays the requirements for trustees of unlisted debenture insurers including how much personal indemnity insurance they should hold. MSC said it understood ASIC applied the financial requirements unevenly to only professional ...

ASIC cancels stockbroker AFSL

ANNABELLE DICKSON  |  WEDNESDAY, 13 JAN 2021
... ensure Halifax continues to have arrangements for compensating retail clients, including the holding of professional indemnity insurance cover and terminating existing arrangements with clients. Last year ASIC suspended Halifax's AFS licence until 10 ...

CountPlus to continue acquisition spree

ANNABELLE DICKSON  |  MONDAY, 16 NOV 2020
... remediation matters as assessed by Commonwealth Bank with the bank providing $1.735 million in payments and a $300 million indemnity to cover past conduct. As a result, Count Financial has implemented its "clean" user pays, fee-for-service licensee model ...

Cost of advice soars as red tape grows

ELIZA BAVIN  |  WEDNESDAY, 21 OCT 2020
... viable. "The cost of operating a financial planning practice is significant," De Gori said. "The cost of professional indemnity insurance has skyrocketed in recent years and regulatory and compliance costs continue to rise." De Gori said multiple inquiries ...

BOQ sells insurance business

ELIZA BAVIN  |  WEDNESDAY, 14 OCT 2020
... transaction is expected to be completed by the end of FY21, and is subject to regulatory approvals. BOQ will provide a capped indemnity to Farmcove for certain pre-completion matters, the bank said. In addition, a vendor load has been agreed between ...

Ratings deteriorate at AMP

ALLY SELBY  |  FRIDAY, 2 OCT 2020
... finance loans granted to aligned advice firms. "However, positively for its stand-alone credit profile, AMP Bank has an indemnity from AMP Group for losses arising from this portfolio of loans," Moody's said. The bank's residential mortgage portfolio ...

Count Financial faces class action

ANNABELLE DICKSON  |  FRIDAY, 4 SEP 2020
... charged. Count Financial was a subsidiary of CBA until October 2019 when it was acquired by CountPlus. CBA has provided an indemnity to CountPlus of $300 million for the conduct that occurred prior to and after the acquisition. The class action proceedings ...