All posts tagged "AMP"
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324Australia & NZASIC 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 -
326Australia & 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 -
365Australia & 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 -
1.2KAustralia & NZ
Culture 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 -
490Australia & 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 -
669Australia & NZ
Australian 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 -
472Australia & 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 -
466Australia & 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 -
418Australia & 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 -
461Australia & 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
