All posts tagged "fees for no service"
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370Australia & NZAustralia: Banks Work Towards Swift Resolution of Advice Failures
Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.
June 22, 2020 -
277UncategorisedASIC Consults on Advice Fee Consent, Independence Disclosures
The legislative instruments ASIC proposes are based on draft legislation for Royal Commission reforms - due to come into effect in July.
March 10, 2020 -
370Australia & NZAustralia: Changes to the Banking Code of Practice Go Live
The changes include guaranteed features for basic bank accounts and the removal of overdraft and dishonour fees on basic, low fee or no fee accounts.
March 2, 2020 -
383Australia & NZAdvice Remediation at Six Biggest FIs Reaches A$750m: ASIC
NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.
February 12, 2020 -
331Australia & NZ
ASIC Launches Court Proceedings Against NAB Over Service Fees
NAB is alleged to have broken the law more than 12,000 times by charging customers fees for no service and issuing defective fee disclosure statements.
December 18, 2019 -
837Australia & NZ
Compensation for Poor Advice Reaches A$120bn: ASIC
NAB 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, 2019 -
436Australia & NZANZ in Compliance With Fees-For-No-Service Enforceable Undertaking
ASIC is satisfied with ANZ’s compliance with a March 2018 court enforceable undertaking related to the bank's fees for no service issue.
June 17, 2019 -
532Australia & NZCommonwealth Financial Planning Completes Enforceable Undertaking
ASIC is satisfied that Commonwealth Financial Planning has completed the necessary steps to address a service model that charged fees for no service.
June 13, 2019 -
505Australia & NZWestpacs Provision Extra A$510mn for Customer Remediation
Misconduct linked to the issues identified by the royal commission could cost Australia’s four largest banks up to A$10bn.
May 2, 2019 -
505Australia & NZNAB Provisions Extra A$750mn for Customer Refunds
The additional provisions reflect expected payouts for NAB's employed advisers, and the costs to review advice provided by its self-employed adviser network.
April 19, 2019
