All posts tagged "fees for no service"
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317Australia & NZCompensation 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 -
318Australia & 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 -
377Australia & 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 -
383UncategorisedWestpacs 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 -
373Australia & 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 -
645Australia & NZ
Australian 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 -
683Australia & NZ
NAB Chief Steps Down Amid Royal Commission Criticism
Commissioner Hayne said in his Final Report that NAB “stands apart” from the other major banks and questioned whether its senior leadership was capable of reforming the bank’s culture.
February 8, 2019 -
361Australia & NZAustralian Bank Body Seeks an End to Fees For No Service
The Australian Banking Association will change its voluntary code of practice for bankers to end 'fees for no service', grandfathered payments and trail commissions.
October 11, 2018 -
333Australia & NZ
ASIC Begins Civil Proceedings Against NAB Entities
Two wealth management divisions of NAB are the subject of civil proceedings in an Australian Federal Court for charging over half a million customers fees for no services.
September 10, 2018 -
322Australia & NZ
Royal Commission Hears Full Extent of NAB ‘Fees-for-no-service’ Failings
NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.
August 15, 2018
