NAB 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, 2020The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.
June 16, 2020The 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, 2020The 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, 2020Reports of potential misconduct first appeared in June 2015, followed by senate hearings and questioning from the Royal Commission, resulting in shareholder losses.
February 28, 2020As 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, 2020NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.
February 12, 2020A 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, 2020An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.
January 9, 2020The 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