Search ResultsShowing 1 - 10 of 23 results for "Compensation Program"
IOOF advice remediation hits $235m
KARREN VERGARA  |  MONDAY, 26 AUG 2019
... time value of money at ASIC's directed rate of RBA cash rate + 6% and committed costs to resource the compensation program," IOOF said. Chief executive Renato Mota said aligned dealer group remediation costs are largely longstanding historic structural ...
ANZ cleared of $50m fee bungle
KANIKA SOOD  |  FRIDAY, 14 JUN 2019
... million cost to reimburse 8500 clients.This bill has swollen to $46.8 million as at February 2018 but the compensation program is nearing completion, ASIC said. ASIC also ordered the bank to pay $3 million to not-for-profit community organisations, taking ...
ASIC scolds banks over fee-for-no-service delays
HARRISON WORLEY  |  MONDAY, 11 MAR 2019
Australia's major financial services institutions are taking too long to remediate customers over their fee-for-no-service issues and ASIC is not pleased. The corporate regulator released an update to the "further review" programs currently underway ...
ANZ culls sales incentives for planners
KANIKA SOOD  |  MONDAY, 7 MAY 2018
... its Prime Access Clients, also copping an enforceable undertaking from ASIC. At the time, ASIC said the compensation program was "nearing completion". ANZ anticipates $50 million in legal costs stemming from the Royal Commission for the year ending September ...
Prime Access bungle costs ANZ $50 million
KANIKA SOOD  |  FRIDAY, 6 APR 2018
... million cost to reimburse 8500 clients. This bill has swollen to $46.8 million as at February 2018 but the compensation program is nearing completion, ASIC said. ASIC, today, also ordered the bank to pay $3 million to not-for-profit community organisations ...
CBA advice compensation bill balloons
KARREN VERGARA  |  WEDNESDAY, 24 JAN 2018
... confirms the licensees correctly identified that customers of the five advisers should be included in a compensation program. The current round of compensation is in addition to $4.97 million offered to customers from other advisers reported in KordaMentha's ...
More CBA-aligned advisers under scrutiny
DARREN SNYDER  |  THURSDAY, 17 DEC 2015
... Commonwealth Financial Planning (CFPL) and Financial Wisdom (FWL) are to be reviewed for potential inclusion in a compensation program. This is the key finding in KordaMentha Forensic's second report on past activities by the two Commonwealth Bank (CBA) ...
CBA's advice review compensates 19 clients
LAURA MILLAN  |  WEDNESDAY, 30 SEP 2015
The compensation program set up by Commonwealth Bank (CBA) to compensate victims of bad advice has reviewed over 8,800 cases and compensated only 19 clients. In total, the bank has offered $950,252 in compensation, but paid $488,815 as of 31 August ...
ASIC financial services enforcements down 10%
ALEX BURKE  |  THURSDAY, 6 AUG 2015
ASIC's actions against the financial services industry have decreased by 10% in the first half of 2015, from 90 in the previous six months to 81. Referencing the compensation programs underway at Macquarie and CBA, ASIC noted in its half-yearly enforcement ...
Macquarie pays $11m advice compensation so far
LAURA MILLAN  |  THURSDAY, 23 JUL 2015
... undertaking (EU) with Macquarie Private Wealth (MPW) in place since January 2013. At the time, Macquarie's compensation program was considered the most comprehensive within the industry because it went back to March 2, 2004, when MPW obtained its Australian ...
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