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Showing 61 - 70 of 89 results for "Poor advice"

Greens slam CBA executives pay rise

LAURA MILLAN  |  TUESDAY, 19 AUG 2014
... an exhaustive Senate inquiry into the Australian Securities and Investments Commission (ASIC) prompted by cases of poor advice at CBA. The inquiry concluded that poor advice was widespread within CBA's Financial Wisdom and Commonwealth Financial Planning. ...

CBA posts record profit, strong wealth management growth

LAURA MILLAN  |  WEDNESDAY, 13 AUG 2014
... profit after tax was $692 million, excluding property, and up 17% since June 2013. The growth was despite the cases of poor advice and adviser misbehaviour within CBA's financial planning units, which were unveiled by media reports and a sweeping Senate ...

CBA, ASIC unveil details of new compensation scheme

LAURA MILLAN  |  FRIDAY, 8 AUG 2014
... new licensing conditions for its financial planning businesses after the original process to compensate victims of poor advice was found to be inconsistent. Commonwealth Financial Planning (CFPL) and Financial Wisdom (FW) will have to reopen the compensation ...

ASIC puts an end to PIS monitoring program

LAURA MILLAN  |  TUESDAY, 29 JUL 2014
... requirements for personal advice, the effectiveness of its advice audit and pre-vet functions and its remediation of poor advice," ASIC said. The Centrepoint-owned group previously had gone through an enforceable undertaking from December 2010 to March ...

Financial Wisdom to face class action for poor advice

LAURA MILLAN  |  MONDAY, 16 JUN 2014
Commonwealth Bank-owned Financial Wisdom will face a class action started by Shine Lawyers for inappropriate investment advice to more than 3,000 clients. Shine Lawyers confirmed to Financial Standard that the law firm is now collecting evidence to ...

CBA leads on client satisfaction despite planning scandals

LAURA MILLAN  |  TUESDAY, 27 MAY 2014
... 84.2% in the year to March 2014, a Roy Morgan survey revealed. Satisfaction is high despite the fact that cases of poor advice within the bank's planning unit have appeared constantly in the media over the last few months and have even prompted an inquiry ...

FoFA changes to cost consumers millions

JAMES FERNYHOUGH  |  THURSDAY, 22 MAY 2014
... required to pay higher fees/commissions if many of the proposed amendments are implemented, in addition to potentially poor advice being provided." In reaching its conclusions, Rice Warner assumed that under opt-in requirements, about 20% of super members ...

CBA forced to review poor compensation methods

LAURA MILLAN  |  MONDAY, 19 MAY 2014
... and Anthony Awkar. However, they did not apply the same measures to clients affected by other financial planners' poor advice. "This inconsistency disadvantaged some customers," ASIC said. According to ASIC CBA failed to develop upfront communication ...

New reports to stir financial planning perfect storm

LAURA MILLAN  |  MONDAY, 5 MAY 2014
... the inquiry to ASIC by the end of May. The inquiry looked into ASIC's performance when dealing with allegations of poor advice, document forgery and fraud within Commonwealth Bank's financial planning unit. Read all Financial Standard coverage of the ...

ASIC admits wrongdoing in Senate hearing

LAURA MILLAN  |  FRIDAY, 11 APR 2014
... Securities and Investments Commission (ASIC)'s top officials admitted that the regulator could have done more to prevent poor advice and malpractices in a tense five-hour Senate hearing. The hearing focused on ASIC's performance in dealing with allegations ...