fees for no service

Financial planning

Centrepoint Alliance updates on fees for no service remediation

Centrepoint Alliance has shared details on the progress of fees for no service remediation, having conducted an assessment of its employed and self-employed advisers. ...

Financial planning

ASIC launches six legal actions against Westpac

In an unprecedented move, the corporate regulator has launched multiple civil penalty proceedings again the bank for matters including fee-for-no-service for deceased cus...

Financial planning

No charges for AMP FP alleged fee-for-no-service conduct

The Commonwealth Director of Public Prosecutions has determined that no charges should be brought to AMP Financial Planning for its conduct into the alleged fees-for-no-s...

Financial planning

Six instos to pay $1.05bn in FFNS compensation

Six of Australia's largest banking and financial services institutions have offered a total of $1.05 billion in compensation, as at 30 June 2020, to customers who suffere...

Policy & Regulation

No loopholes, no carve-outs insist coalition of consumer groups

A coalition of consumer groups has pointed to key changes to advice and life insurance resulting from the Royal Commission and insisted on no loopholes and no carve-outs....

Financial planning

How will AMP handle departed advisers?

AMP Limited has yet to determine how it intends on handling its remediation obligations with respect to advisers who have left the company....

Financial planning

AMP on brink of additional fees for no service breach

AMP Limited acting chief executive, Mike Wilkins has confirmed the firm is facing more fees for no service remediation challenges after discovering new breaches as recent...

Financial planning

NAB insists fees for no service a “process issue”

NAB chief executive, Andrew Thorburn, has defended some fees for no service charged by the bank as a “process issue” rather than dishonesty, as he came under fire at the ...

Superannuation

AMP loses another corporate super mandate

After months of doubt, AMP Limited has received confirmation that it has lost one of its largest corporate superannuation mandates – Australia Post....

Financial planning

Fee for no service remediation could exceed $1 billion

The Australian Banker’s Association has confirmed that the total cost of fee for no service remediation could exceed $1 billion....

Life/Risk

AMP rebuts RC death claims

AMP Limited has sought to rebut claims made during the Royal Commission that it engaged in misconduct in its deduction of superannuation fund members’ insurance premiums ...

Policy & Regulation

Hayne slams fees for no service in RC interim report

The Royal Commission interim report has shone a light on the poor culture of licensees, particularly when it comes to charging fees for no service. ...

Policy & Regulation

Frydenberg cites fees for no service as RC take-out

The Federal Treasurer, Josh Frydenberg, has cited fees for no service and the failures of the regulators as being among his Royal Commission take-outs....