AMG MySuper failed the test for the third consecutive year; 96 trustee-directed products also failed the test.
September 1, 2023ASIC said AMP charged insurance premiums and advice fees to more than 2,000 customers despite being notified that they were deceased.
May 22, 2023As of end December, the major banks paid or offered to pay almost AUD 4.7 billion (USD 4.2 billion) in compensation to over 1.6 million customers.
March 15, 2023The Federal Court said the conduct reflected “very poorly on the organisation culture” of AMP, fining its subsidiaries a total A$14.6mn.
September 26, 2022Under the framework, 11 large financial firms will be required to report internal dispute resolution data to ASIC for the first time by 28 February 2023.
April 1, 2022As at end-2021, Australia's major banks have paid or offered a total A$3.15 billion in compensation as a result of fees-for-no-service misconduct and non-compliant advice.
February 17, 2022About 60% of choice products and 45% of MySuper products delivered returns below benchmarks. APRA will further intensify its supervision on trustees delivering sub-standard member outcomes.
December 17, 2021Australia’s 6 largest FIs have paid over A$1.86 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
August 6, 2021AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.
July 30, 2021Rule amendments include changes to reduce barriers to participate in open banking and increase participation in the CDR by data recipients and consumers.
July 7, 2021