All posts tagged "compensation"
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544Australia & NZAustralian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC
Delays 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, 2019 -
550FeatureBanks Increasingly Focused on Conduct Risk – FSB
At an FSB workshop on compensation practices, banks reported an increased focus on conduct risk, management accountability and culture reform.
March 12, 2019 -
552Australia & NZAFCA Finalises Over 18,000 Complaints in Four Months
Australia's four months old 'one stop shop' for financial services dispute resolution has finalised 18,390 complaints, yielding more than A$54mn in awards to consumers and small businesses.
March 9, 2019 -
501Australia & NZASIC Finalises HSBC’s 2016 Enforceable Undertaking
Under HSBC Australia's remediation programme, the bank offered about A$690,000 in compensation to 104 clients who may have received inappropriate advice.
February 22, 2019 -
399Australia & NZ
Australia Expands Remit of New Financial Complaints Authority
As the Royal Commission considered misconduct cases dating back to 1 January 2008, AFCA’s remit will be expanded to enable reviews of eligible complaints over the same period.
February 22, 2019 -
452Australia & NZAPRA Issues Update on Implementation of Hayne Recommendations
APRA details the work already underway to implement the Recommendations and confirms it is examining the 12 matters referred by the Royal Commission.
February 12, 2019 -
329International
FSB Releases Data Framework on Bank Compensation Practices
The FSB has recommended a data framework for national regulators to assess bank compensation policies and practices in regard to misconduct risk.
November 26, 2018 -
453Australia & NZ
New Financial Complaints Body Launches in Australia
AFCA will influence reform in financial services by raising standards and improving internal practices to reduce and resolve disputes, said the body's independent chair Helen Coonan.
November 2, 2018 -
293ChinaScandal-Hit Chinese Drug Maker Faces CSRC Fine
The CSRC's 600,000 yuan fine on Changsheng Biotechnology for falsifying data for a rabies vaccine form a small part of the 9.1 billion yuan it will have to pay.
October 17, 2018 -
303Australia & NZFees-for-no-service Remediation to Top A$850mn – ASIC
CBA has paid or offered compensation over A$118 million so far, with over A$25 million more provisioned for future compensation.
August 9, 2018
