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REMEDIATION
Financial planning
Insignia has announced it has completed the separation of Rhombus Advisory but flagged it needs to increase its remediation provision by an estimated $135 million relatin...
Financial planning
The completion of remediation projects by firms such as AMP have led to an influx of compliance professionals entering the market, although they see pushback on their nar...
Financial planning
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
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 has warned licensees they could face regulatory action if they fail to remediate customers in a timely manner as it reviews licensees' handling of RG 277 in its firs...
Financial planning
Financial advice licensees account for two-thirds of firms which have implemented remediation in the past 12 months, according to research....
Financial planning
Australians impacted by misconduct in the financial advice space have received just under $5 billion in compensation from six of the largest banking and financials servic...
Financial planning
Commonwealth Bank of Australia has set aside a further $220m to cover remediation of legacy fee for no service conduct at Count Financial....
Financial planning
There has been a “trifecta of failures” in the remediation of consumers, according to the corporate regulator, with around $1.6 billion still to be paid to 2.7 million co...
Financial planning
The Big Four banks, AMP and Macquarie have paid or offered a total of $3.1 billion in compensation to customers who suffered loss or detriment because of fees for no serv...
Policy & Regulation
The most common “stumbling block” in consumer remediation by licensees was underinvesting in systems which have led to multiple failures....
Funds management
The big four bank expects its remediation program related to financial advice is “largely finalised” although it has provision to pay out a further $1.14b in total remedi...
Life/Risk
OnePath Life is remediating up to $35 million to over 40,000 customers who were sold life insurance policies over the phone between 2010 and 2016....
Financial planning
The big four bank will remediate customers of its financial advice business for failure to notify them of corporate actions between 2005 to 2019....
Financial planning
Fee for no service and inappropriate advice issues are continuing to dog the Commonwealth Bank even though it has substantially exited financial planning....
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MARKET INSIGHTS
Podcast
Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...
This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...
Interesting. Would be good to know the details of the StrategyOne deal....