Despite an “eye-watering” $4.7 billion paid in remediation, ASIC believes fees for no service is still an active issue and has made multiple investigations of alleged inc...

ASIC has warned licensees they could face regulatory action if they fail to remediate customers in a timely manner as it reviews licensees' handling of RG 277 in its firs...

Financial advice licensees account for two-thirds of firms which have implemented remediation in the past 12 months, according to research....

Australians impacted by misconduct in the financial advice space have received just under $5 billion in compensation from six of the largest banking and financials servic...

Commonwealth Bank of Australia has set aside a further $220m to cover remediation of legacy fee for no service conduct at Count Financial....

There has been a “trifecta of failures” in the remediation of consumers, according to the corporate regulator, with around $1.6 billion still to be paid to 2.7 million co...

The Big Four banks, AMP and Macquarie have paid or offered a total of $3.1 billion in compensation to customers who suffered loss or detriment because of fees for no serv...

The most common “stumbling block” in consumer remediation by licensees was underinvesting in systems which have led to multiple failures....

The big four bank expects its remediation program related to financial advice is “largely finalised” although it has provision to pay out a further $1.14b in total remedi...

OnePath Life is remediating up to $35 million to over 40,000 customers who were sold life insurance policies over the phone between 2010 and 2016....

The big four bank will remediate customers of its financial advice business for failure to notify them of corporate actions between 2005 to 2019....

Fee for no service and inappropriate advice issues are continuing to dog the Commonwealth Bank even though it has substantially exited financial planning....

The Australian Securities and Investments Commission is claiming licensees shouldn’t be needing to remediate clients beyond a seven-year horizon, but has left open the qu...

The corporate regulator’s consultation aims to help firms identify issues that can lead to remediations earlier and to have arrangements and systems in place to return mo...