fee for no service

Financial planning

ASIC confirms fees for no service still problematic issue

Despite an “eye-watering” $4.7 billion paid in remediation, ASIC believes fees for no service is still an active issue and has made multiple investigations of alleged inc...

Financial planning

ASIC sues OnePath for fee-for-no-service

The corporate regulator has alleged OnePath incorrectly charged over $4 million in fees to more than 18,000 fund members when it was not entitled to do so....

Editorial

What was ASIC’s focus on fee-for-no-service all for?

The corporate watchdog has dropped the pursuit of criminal charges relating to AMP Financial Planning’s alleged fee-for-no-service, raising questions on why it was made s...

Financial planning

Hume believes industry is ‘positive’ on fee renewals

Financial advisers may still be chafing under the burden of annual fee renewals, but the Minister believes the industry has “generally reacted positively”....

Financial planning

Fee-for-no-service bulk of compensation

Compensation paid by the six largest banking and financial services institutions for fee-for-no-service and non-compliant advice is at $749.7 million, according to the co...

Superannuation

Super funds face fee for no service scrutiny

Both the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority have written to super funds asking them to prove they are not...

Financial planning

FPA links commissions to fee for no service

The Financial Planning Association has restated its position on a three-year phase-out of grandfathering, claiming that commissions have led to some consumers paying impl...

Financial planning

Platforms blamed in CBAs FFNS delays

The Commonwealth Bank has signalled the degree to which it will be changing its platform arrangements to overcome fee for no service problems....

Policy & Regulation

ASIC hits AMP and banks over laggard approach to fee for no service

The Australian Securities and Investments Commission has signalled using its new directions power in the face of the slow response of AMP and the major banks to follow-up...

Financial planning

NAB signals delayed MLC exit

National Australia Bank may have confirmed the exit of its chief executive and chairman but it has acknowledged it still does not know how much client remediation will co...

Financial planning

ASIC moves to force law firm on AMP documents

The Australian Securities and Investments Commission is seeking court backing to force law firm Clayton Utz to produce documents at the heart of fee for no service allega...

Policy & Regulation

AMP corrects $1.185 billion RC remediation figure

AMP Limited has made clear it is provisioning substantially less than the $1.185 billion mentioned during the Royal Commission for client remediation....

Financial planning

CBA staff misunderstood client relationship

Commonwealth Bank chief executive, Matt Comyn has cited fee for no service as being one of the bank’s key shortcomings and claimed key executive personnel had failed to u...

Financial planning

CFPL gets qualified mark on EU undertakings

Commonwealth Financial Planning has sought an extension of time from the independent expert appointed to oversee the outcome of its enforceable undertaking (EU) over fees...