All posts tagged "AMP"
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145Australia & NZIOOF Faces Shareholder Class Action for Misconduct Non-disclosure
Reports of potential misconduct first appeared in June 2015, followed by senate hearings and questioning from the Royal Commission, resulting in shareholder losses.
February 28, 2020 -
176Australia & NZASIC Reveals Sharp Increase in Investigations Involving Major FIs
As of 1 January, ASIC had 316 investigations on foot related to misconduct. Cases involving CBA, NAB, Westpac, ANZ and AMP increased 52% from 12 months earlier.
February 27, 2020 -
255Australia & NZAdvice Remediation at Six Biggest FIs Reaches A$750m: ASIC
NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.
February 12, 2020 -
284Australia & NZAMP Ordered to Pay A$5m Penalty for Insurance Churn
A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.
February 6, 2020 -
358Australia & NZ
ASIC Bans Ex-AMP, NAB Adviser for Four Years
An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.
January 9, 2020 -
408AML / KYCWestpac Faces Shareholder Class Action for Possible Disclosure Failures
The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.
December 23, 2019 -
230Australia & NZ
ASIC Takes Legal Action Against Unregistered SMSF Scheme Operators
Investors were encouraged to roll superannuation monies into a self-managed super fund to invest - by way of a loan - in an unregistered scheme operated a former AMP adviser.
December 5, 2019 -
491Australia & NZ
ASIC Issues Second Update on Response to Royal Commission
Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.
September 13, 2019 -
416Australia & NZ
ASIC to Initiate Legal Proceedings Against Banks Within “Weeks”
In addition to the 13 referrals from the royal commission, ASIC has been investigating “three times as many” case studies with a view to initiating legal proceedings in the new few weeks.
August 21, 2019 -
762Australia & NZCompensation for Poor Advice Reaches A$120bn: ASIC
NAB paid the most to compensate customers for failures by the largest number of advisers, and is expected to take the longest to complete its remediation programme.
August 2, 2019
