All posts tagged "AMP"
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953Australia & NZCulture is Being Approached from the ‘Wrong Angle’
The risk culture expert ASIC engaged to observe bank boardrooms says the approach of judging culture moralistically needs to shift to a more proactive approach that assesses risk.
June 21, 2019 -
401Australia & NZAPRA Uses New Directions Powers Against AMP Super
AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.
June 17, 2019 -
630Australia & NZAustralian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC
Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.
March 12, 2019 -
437Australia & NZASIC to Begin Embedding Staff within Banks Starting with CBA
ASIC officials will begin working at CBA starting from next week and will go in and out of other institutions, focusing on institutional behaviour and decision making.
October 26, 2018 -
435Australia & NZ
ASIC Report Reveals ‘Unacceptable Delays’ by FIs in Handling Breaches
Institutions take over 4 years to identify breaches, over 2 months to start an investigation into identified breaches, and 2.5 months to lodge breach reports with ASIC.
September 26, 2018 -
381Australia & NZ
Australian Banks Face ‘Largest Ever’ Class Action
A series of class actions for millions of super fund customers could cost Australian financial institutions up to A$1bn.
September 12, 2018 -
426Australia & NZ
NAB, CBA Could Face Criminal Charges: Australian Royal Commission
Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.
August 27, 2018 -
384Australia & NZASIC Gets A$70mn, New Powers to Boost Enforcement Capabilities
Australia’s corporate regulator will embed supervisors in large financial institutions to monitor banks’ actions and decision making.
August 13, 2018 -
468Enforcement
ASIC Plan to Embed Staff Could Impede Banking Function
ASIC's plan to embed its own staff as officers at major Australian banks will affect risk taking and how the Australian public is served by the financial services industry.
August 13, 2018 -
377Australia & NZ
Fees-for-no-service Remediation to Top A$850mn – ASIC
CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.
August 9, 2018
