remediation

Financial planning

Licensee record-keeping key to confining remediation inside 7 years

The Australian Securities and Investments Commission is claiming licensees shouldn’t be needing to remediate clients beyond a seven-year horizon, but has left open the qu...

Policy & Regulation

ASIC consults on consumer remediation

The corporate regulator’s consultation aims to help firms identify issues that can lead to remediations earlier and to have arrangements and systems in place to return mo...

Financial planning

Positive CBA update reveal remediation status

The Commonwealth Bank has provided a broadly positive first quarter trading update including the costs so far associated with advice remediation....

Financial planning

Remediation leads to reduction on NAB cash earnings

The bank experienced a 10.8% reduction on cash earnings in FY19 due to spending $1.1 billion on customer remediation and had changes in its software capitalisation policy...

Financial planning

Westpac profit hit by remediation and planning exit

Westpac’s net profit dropped 16% during FY16 thanks to customer remediation and a reduction in wealth and insurance income....

Policy & Regulation

Advice remediation still dragging on Westpac

Westpac has announced another $341 million in provisioning for customer remediation programs....

Financial planning

ANZ customer remediation charges up $559m

ANZ has been charged $559 million in customer remediation in 2H19, bringing the full year 2019 charges to $682 million....

Financial planning

NAB to pay a further $1.18b in remediation

These charges were mainly for wealth and insurance-related matters and adviser service fees paid to self-employed advisers....

Financial planning

Suncorp pays $1.4m in compensation

Following a remediation program Suncorp has compensated 4,000 GuardianFP clients....

Financial planning

NAB expects further adviser provisioning

National Australia Bank has revealed it is expecting to have to provide further provisioning around client remediation for adviser service fees for self-employed advisers...

Superannuation

Remediation could impact tax and super

The Australian Taxation Office has warned compensation payments from superannuation funds in the fallout of the Banking Royal Commission could have both tax and super imp...

Policy & Regulation

AMP signals compliance with new APRA conditions

The Australian Prudential Regulation Authority has imposed new conditions on AMP’s superannuation businesses including board renewal and removal of conflicts of interest....

Funds management

Uncertain outlook for Big Four banks

Australian banks had a turbulent start to 2019 as the Royal Commission outcomes took a toll on the big four banks, according to EY....

Financial planning

Westpac hit by $357m of remediation associated with ARs

Westpac has announced its first half cash earnings will be reduced by $357 million to account for provisions for remediation associated with authorised representatives in...

Financial planning

Citigroup to refund $3 million for general v personal advice blurring

A major bank will refund over $3 million to more than 100 retail customers, after an investigation into whether customers believed they were receiving personal rather tha...