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Showing 1 - 10 of 30 results for "Compensation Program"

ASIC sues Cbus over insurance claim delays: 'We're sorry'

ELIZA BAVIN  |  TUESDAY, 12 NOV 2024
... reducing delays and is committed to further improving management of insurance claims. "Cbus has established a compensation program for affected members which is being implemented now." The spokesperson added that Cbus has been cooperating with ASIC during ...

COVID-19 shines a light on ESG: First Sentier

ELIZA BAVIN  |  WEDNESDAY, 29 APR 2020
The COVID-19 crisis has brought ESG to the fore and will give greater momentum to responsible investment processes, according to First Sentier Investors. Kate Turner, responsible investment specialist at First Sentier, said that ESG is at the top of ...

Wells Fargo coughs up $4.5 billion

ALLY SELBY  |  MONDAY, 24 FEB 2020
Wells Fargo will fork out $4.5 billion to resolve the fake account scandal that has continued to rattle the world's fourth largest bank since 2016. The $4.5 billion (US$3 billion) settlement with the Securities and Exchange Commission (SEC) and ...

Former Wells Fargo chief banned for life

ALLY SELBY  |  FRIDAY, 24 JAN 2020
Former Wells Fargo chief executive John Stumpf has been banned from the banking industry and will cough up US$17.5 million for his role in the fake accounts scandal that has continued to rock the world's fourth largest bank since 2016. The Office of ...

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
... for 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 ...

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
... it 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 ...
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