The 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, 2021ASIC has taken court action against AMP for charging deceased customers insurance premiums and advice fees. AMP has already remediated the impacted customers.
May 31, 2021Australia's largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
February 17, 2021NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.
August 25, 2020