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Showing 61 - 70 of 110 results for %22CBA Inquiry%22

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
... that the Senate inquiry into the Australian Securities and Investments Commission (ASIC) identified in Commonwealth Bank's (CBA) compensation of financial advice clients. "This scheme poses the same problems: there is no reference to handing over client ...

Consumers have no loyalty to financial institutions

MARK SMITH  |  MONDAY, 18 AUG 2014
... that they all offer the full range of consumer financial services. The best performance in terms of customer loyalty is the CBA Group but their customers still deal with an average of 4.1 financial institutions. They are followed by Westpac Group (4.6) ...

CBA dismisses Murray's concerns over vertical integration

LAURA MILLAN  |  THURSDAY, 14 AUG 2014
Commonwealth Bank (CBA) chief executive Ian Narev dismissed concerns expressed by the Financial System Inquiry (FSI) interim report that Australia's big institutions control both the manufacturing and distribution of financial products. "We need to ...

CBA posts record profit, strong wealth management growth

LAURA MILLAN  |  WEDNESDAY, 13 AUG 2014
Commonwealth Bank (CBA) has reported an $8.6 billion net profit after tax for the year ended June 30, 2014, up 12% from last year. The group registered strong growth in its wealth management division, with average funds under administration (excluding) ...

CBA appoints international experts to oversee advice program

LAURA MILLAN  |  MONDAY, 11 AUG 2014
Jeff Carmichael's Promontory Financial Group has been appointed independent expert for the Commonwealth Bank's (CBA) Open Advice Review program. The appointment follows a series of announcements made ahead of the company results, which will be released ...

CBA, ASIC unveil details of new compensation scheme

LAURA MILLAN  |  FRIDAY, 8 AUG 2014
Commonwealth Bank (CBA) has revealed the details of the 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) ...

Claims against advice arm have no factual basis: Macquarie

LAURA MILLAN  |  MONDAY, 4 AUG 2014
... the effectiveness of the Macquarie EU with the regulator. "Given that ASIC did not, until recently, fully understand how the CBA was implementing its compensation schemes for clients affected by the CFPL scandal, the committee doubts ASIC is fully aware ...

CBA whistleblower casts doubts over compensation scheme

LAURA MILLAN  |  THURSDAY, 24 JUL 2014
Former Commonwealth Bank (CBA) planner and whistleblower Jeff Morris has expressed concern over a number of aspects of the bank's Open Advice Review program to compensate victims of bad advice. The adviser, who blew the whistle on cases of advice misconduct ...

FSI recognises the "powerful force" of tech

LAURA MILLAN  |  WEDNESDAY, 23 JUL 2014
... with the financial system and how the system functions," the report said. The inquiry headed by former Commonwealth Bank (CBA) chief executive David Murray has proposed a "technology neutral" regulatory approach to address the rapid changes in this area ...