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, 2019Of 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, 2019In 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, 2019NAB 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, 2019The 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, 2019AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.
June 17, 2019Delays 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, 2019ASIC 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, 2018Institutions 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, 2018A series of class actions for millions of super fund customers could cost Australian financial institutions up to A$1bn.
September 12, 2018