All posts tagged "Remediation"
-
53Australia & NZASIC Commences Legal Proceedings Against NAB Over Unlawful Fees
ASIC says NAB charged some customers periodic payment fees when they were entitled to an exemption, and charged other customers the wrong fee.
February 27, 2021 -
71Australia & NZASIC Seeks Penalties from CBA for Overcharged Interest
Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.
February 17, 2021 -
80Australia & NZASIC 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 -
165Australia & NZ
ASIC Provides Guidance on Product Design and Distribution Obligations
The new regulatory guide addresses demand from industry for ASIC guidance as it prepares for the obligations to take effect on 5 October 2021.
December 14, 2020 -
178Australia & NZ
ASIC to Update Regulatory Guide on Consumer Remediation
There are opportunities for firms to identify issues that can lead to remediations earlier, and to ensure remediation payments are made more quickly and fairly.
December 8, 2020 -
1.1KAustralia & NZ
Underinvestment in Data, Tech a Root Cause of Breaches: ASIC
Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.
November 16, 2020 -
513Australia & NZASIC, Volkswagen Financial Services Settle Responsible Lending Case
Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.
October 19, 2020 -
874AML / KYCFed Orders Citigroup to Correct “Longstanding Deficiencies”
The Fed has ordered Citigroup to remediated enterprise-wide risk management and controls deficiencies. The OCC has penalised Citibank $400mn for the same deficiencies.
October 8, 2020 -
878EnforcementUS Authorities Settle JP Morgan Spoofing Charges for $920m
The settlement will fully resolve investigations carried out by the DOJ, CFTC and SEC into trades made over nearly ten years.
October 1, 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
