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Showing 61 - 70 of 97 results for "fees for no service"

Comyn promises personal accountability

KARREN VERGARA  |  TUESDAY, 20 NOV 2018
... of financial objectives underpinned numerous instances that resulted in poor customer outcomes, including fees for no service and outdated medical definition issues. Under his watch, Comyn told counsel assisting Rowena Orr that he will be personally ...

NAB signals more bad advice remediation

KARREN VERGARA  |  THURSDAY, 1 NOV 2018
Among its FY18 results, National Australia Bank flagged that bad advice and fees for no service remediation will continue to dampen its future financial performance. Numerous contingent liabilities and potentially paying out more compensation plagued ...

Bank-owned advice firm requests ASIC extension

DARREN SNYDER  |  MONDAY, 22 OCT 2018
... & Young (EY) to produce its final report on the advice firm's remediation processes and its controls over fees for no service. The regulator said CFPL is also seeking an extension to provide its senior executive attestation as required under the enforceable ...

Banks vow to end grandfathered commissions

KANIKA SOOD  |  WEDNESDAY, 10 OCT 2018
... dismantle the legislative framework that allows financial advisers to receive grandfathered commissions and end fees for no service across the industry, ABA chief Anna Bligh said in Sydney this morning. To this end, the ABA is seeking new legislative ...

Hagger to depart NAB

JAMIE WILLIAMSON  |  MONDAY, 17 SEP 2018
... Baird. Appearing at the fifth round of Royal Commission hearings last month, Hagger testified to NAB charging fees for no service and being insincere to ASIC as to the extent of remediation being paid to customers. In a statement, NAB chief executive ...

No time for complacency: AIST

KARREN VERGARA  |  WEDNESDAY, 5 SEP 2018
... Securities and Investments Commission estimates compensation due to members will top $1 billion - based on the fees for no service issue alone. Amid the recent leadership spill and new federal ministers sworn in, the Government conceded defeat on proposed ...

Royal Commission challenges super regulators

KARREN VERGARA  |  TUESDAY, 28 AUG 2018
... Hodge observed. ASIC's role in letting NAB get away with not undertaking a proper review for charging fees for no service suggests a lack of respect for the regulator and authority on the part of ASIC. Hodge also questioned why ASIC hasn't commenced ...

NAB CEO apologises over super failures

HARRISON WORLEY, DARREN SNYDER  |  FRIDAY, 10 AUG 2018
... interests of members. He said there had been delays between 2012 and 2016 to notify ASIC of breaches about fees for no service, as well as delays in properly remediating members. Former NULIS Nominees chair Nicole Smith agreed these actions took too ...

Conflict of interest too great for NULIS: Royal Commission

HARRISON WORLEY  |  THURSDAY, 9 AUG 2018
... observed NAB was in a "hopelessly conflicted" situation by delaying the process of compensating members charged fees for no service in order to maintain profit levels.

NAB compensation delays hopelessly conflicted: Royal Commission

KARREN VERGARA  |  WEDNESDAY, 8 AUG 2018
... found itself in a "hopelessly conflicted" situation by delaying the process of compensating members charged fees for no service in order to maintain profit levels, the third day of the Royal Commission's inquiry into superannuation heard. This is ...