All posts tagged "fees for no service"
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158Australia & NZASIC Issues Update on Compensation Paid for Non-compliant Advice
Australia’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, 2021 -
126Australia & NZAustralia: BT, Asgard Fined for Charging Fees for No Service
Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.
July 30, 2021 -
125Australia & NZ
ASIC Issues Guidance on Ongoing Fee Arrangements
A new information sheet provides guidance on ongoing fee arrangements, fee disclosure statements, and ongoing fee consents.
June 17, 2021 -
237Australia & NZ
ASIC Issues Update on Advice Compensation Paid by Banks
Australia'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, 2021 -
732Australia & NZFederal Court Imposes A$57.5m Penalty Against NAB Units
NULIS Nominees and MLC Nominees admitted to misleading or deceptive conduct, false or misleading representations, and breaches of the ASIC Act and Corporations Act.
September 14, 2020 -
1.4KAustralia & NZ
ASIC: Financial Advice-related Compensation Tops A$1bn
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, 2020 -
838Australia & NZ
ASIC Launches Civil Proceedings in Two Fees-for-no-service Cases
ASIC has commenced ‘fees for no service’ cases against Asgard Capital Management, BT Funds Management, and StatePlus Super.
August 20, 2020 -
828Australia & 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 -
407Uncategorised
ASIC 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 -
687Australia & 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
