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Showing 71 - 80 of 97 results for "fees for no service"

Fees for no service remediation passes $250 million

DARREN SNYDER  |  WEDNESDAY, 8 AUG 2018
Financial institutions outside the big four banks and AMP have been integrated into ASIC's fees for no service remediation programs, with total provisions likely to exceed $850 million. Updating the financial services industry and consumers on its oversight ...

Former NULIS chair faces Royal Commission

KANIKA SOOD  |  TUESDAY, 7 AUG 2018
... it wrongly charged. Carter disagreed. He then went on to explain that plan service fees did not constitute fees for no service. Smith will continue in the witness box tomorrow morning. It is expected AustralianSuper chief executive Ian Silk will also ...

Plan service fees did not constitute fee for no service: NAB

HARRISON WORLEY  |  TUESDAY, 7 AUG 2018
... general manager of superannuation and platforms Paul Carter attempted to distinguish between other cases of fees for no service and NAB charging superannuation customers for advice services they did not access. NAB requested an amendment to a 2016 ASIC ...

Royal Commission revisits fees for no service

KARREN VERGARA  |  MONDAY, 6 AUG 2018
... Commission's agenda for the next two weeks, Hodge said the inquiry into superannuation will revisit the fees for no service issue, but this time through the lens of the product manufacturer or the trustees. Hodge said statements provided by the large ...

ASIC admits AMP inaction

JAMIE WILLIAMSON  |  FRIDAY, 22 JUN 2018
... a substantive investigation ongoing as to the underlying issues there, which are deliberate conduct around fees for no service and deliberately misleading ASIC," Kell said. The provision of the report and the characterisation of it as independent hasn't ...

Fees for no service compensation unfinished business: ASIC

DARREN SNYDER  |  THURSDAY, 17 MAY 2018
Newly-minted ASIC chair James Shipton said there will be more consumer compensation to come over fees for no service financial advice. Three months into his role, Shipton addressed the annual Australian Council of Superannuation Investors (ACSI) conference ...

Australian Ethical divests AMP

ALEX BURKE  |  THURSDAY, 10 MAY 2018
... past decade, Palmer said "these things were certainly concerns." "They were out there. The specific issue of fees for no service was known well before the Royal Commission, but on balance given the changes we saw happening inside AMP they still passed ...

Fees for no service an old issue: AMP

DARREN SNYDER  |  FRIDAY, 4 MAY 2018
Responding to Royal Commission findings, AMP says its fees for no service issue is old news; preparation of a Clayton Utz report into the issue has been overstated; and its misleading representations to ASIC have also been overstated. The 28-page response ...

ROYAL COMMISSION: Top stories

JAMIE WILLIAMSON  |  FRIDAY, 20 APR 2018
... series of acknowledgements of possible contraventions of the Corporations Act and the ASIC Act in relation to fees for no service. It was later revealed that AMP's law firm, Clayton Utz, removed outgoing chief executive Craig Meller's name from a draft ...

Dead advice clients slugged ongoing service fees

JAMIE WILLIAMSON  |  THURSDAY, 19 APR 2018
... "That would have been updated. A warning might have come later." Hodge also detailed further instances of fees for no service at Count, including one instance of an adviser charging ongoing service fees despite not providing any advice to any clients. ...