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REMEDIATION
Financial planning
The Commonwealth Bank has provided a broadly positive first quarter trading update including the costs so far associated with advice remediation....
Financial planning
The bank experienced a 10.8% reduction on cash earnings in FY19 due to spending $1.1 billion on customer remediation and had changes in its software capitalisation policy...
Financial planning
Westpac’s net profit dropped 16% during FY16 thanks to customer remediation and a reduction in wealth and insurance income....
Policy & Regulation
Westpac has announced another $341 million in provisioning for customer remediation programs....
Financial planning
ANZ has been charged $559 million in customer remediation in 2H19, bringing the full year 2019 charges to $682 million....
Financial planning
These charges were mainly for wealth and insurance-related matters and adviser service fees paid to self-employed advisers....
Financial planning
Following a remediation program Suncorp has compensated 4,000 GuardianFP clients....
Financial planning
National Australia Bank has revealed it is expecting to have to provide further provisioning around client remediation for adviser service fees for self-employed advisers...
Superannuation
The Australian Taxation Office has warned compensation payments from superannuation funds in the fallout of the Banking Royal Commission could have both tax and super imp...
Policy & Regulation
The Australian Prudential Regulation Authority has imposed new conditions on AMP’s superannuation businesses including board renewal and removal of conflicts of interest....
Funds management
Australian banks had a turbulent start to 2019 as the Royal Commission outcomes took a toll on the big four banks, according to EY....
Financial planning
Westpac has announced its first half cash earnings will be reduced by $357 million to account for provisions for remediation associated with authorised representatives in...
Financial planning
A major bank will refund over $3 million to more than 100 retail customers, after an investigation into whether customers believed they were receiving personal rather tha...
People & Products
IOOF has made a key appointment to its advice governance team, just one day after its chief executive, Chris Kelaher, stepped aside as the company faces intense regulator...
Financial planning
AMP Limited has yet to determine how it intends on handling its remediation obligations with respect to advisers who have left the company....
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This can't be a surprising development. I'm sure every Financial Planner in Australia has had an experience of being sc...
Just 15 per cent of advisers said they may exit the industry over the next few years, Thats about 2,300 advisers! if ...
I think Mr. Toohey's conclusions and extrapolations are "currently" merging on the typical SMSF issue of "....prone to ...