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Showing 51 - 60 of 430 results for "Remediation"

Poor policy administration sees MLC Life pay $22m

JAMIE WILLIAMSON  |  FRIDAY, 19 MAY 2023
MLC Life will pay $10 million, in addition to $12 million in remediation, for failing to pay promised rehabilitation benefits. The life insurer was penalised by the Federal Court after it was found guilty of several breaches of the ASIC Act, the Corporations ...

AustralianSuper to refund 100k members

CHLOE WALKER  |  FRIDAY, 12 MAY 2023
... not have happened, and we apologise unreservedly to members," AustralianSuper said. "The fund is taking appropriate remediation actions and has self-reported the issue to the regulators." To make good, AustralianSuper said it will contact around 100,000 ...

Modern slavery on the rise a decade on from Rana Plaza

RACHEL ALEMBAKIS  |  FRIDAY, 21 APR 2023
... and informal contexts such that people can raise concerns in a way that is safe, Brodie said. The step of remedy and remediation is an area where investors can participate as long-term owners, Turner said. "As investors, once an instance has been found ...

APRA investigates NobleOak capital adequacy breach

KARREN VERGARA  |  FRIDAY, 31 MAR 2023
... liquidity and have a "sound regulatory capital position" by 30 June 2023. APRA said it is "satisfied" that NobleOak's remediation plan is "credible and will monitor NobleOak's execution of the plan closely over the coming months". "NobleOak's non-compliance ...

Court fines ANZ for dodgy introducer program

KARREN VERGARA  |  MONDAY, 13 MAR 2023
... the bank said in a statement: "ANZ has cooperated with ASIC during this process, is nearing completion of a customer remediation program and has made changes to its home loan processes." "As part of the settlement, ANZ has agreed that its Customer Fairness ...

First Super awards ESG mandate

RACHEL ALEMBAKIS  |  FRIDAY, 10 MAR 2023
... impacted on the workers and their families, and it's also impacted on the bottom line because of the substantial remediation. We want to get ahead of the curve and identify labour risks." The strategy also incorporates material governance factors ...

Dodgy advice bill nears $5bn: ASIC

CASSANDRA BALDINI  |  FRIDAY, 10 MAR 2023
Providing its final update on institutions' financial advice remediation programs, ASIC calculated AMP, ANZ, Commonwealth Bank (CBA), Macquarie, NAB and Westpac have so far paid a combined $4.7 billion. The remediation programs included in ASIC's update ...

AET divestment drives Insignia profit gain

JAMIE WILLIAMSON  |  THURSDAY, 23 FEB 2023
... of Bridges with MLC Advice. Over the six-month period the advice business was also impacted by $90 million paid in remediation, with the ANZ Advice fee for no service program being finalised. Overall, cost cutting saw Insignia save 7% in operating expenses ...

AMP profits, declares first dividend since 2019

JAMIE WILLIAMSON  |  THURSDAY, 16 FEB 2023
... impairments and $90 million in costs associated with breaking up Collimate Capital. It was also impacted by $25 million in remediation costs and $61 million in transformation costs. The wealth management business saw its assets drop from $142.3 billion ...

Super, advice class actions dampen CBA results

KARREN VERGARA  |  WEDNESDAY, 15 FEB 2023
... date is set for March 2024. Between June and December 2022, CBA saw an increase in the provision for aligned advice remediation for former authorised representatives from Financial Wisdom, Count Financial and Commonwealth Financial Planning of $198 million ...