All posts tagged "AMP"
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281Australia & NZASIC Expects Higher Industry Levies for 2019-20
The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.
June 16, 2020 -
1.2KAustralia & NZNew Zealand’s New Conduct Regime Not Adequately Developed
The bill to introduce a new conduct regime in New Zealand is not yet adequately developed, say Consumer New Zealand, the NZBA, and the Financial Services Council.
June 13, 2020 -
305Australia & NZAMP Units Pay ASIC Penalties for Trade Reporting Failures
The AMP entities failed to report information about over 1,000 derivatives transactions and to correctly report collateral information about over 19,000 transactions over several years.
March 18, 2020 -
367Australia & 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 -
389Australia & NZ
ASIC 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 -
383Australia & 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 -
426Australia & NZ
AMP 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 -
458Australia & 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 -
477AML / 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 -
270Australia & 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
