Skip to content

Corruption Ledger

The Public Ledger of Corruption

  • About
  • Corruption
    • corporate
    • government
    • leaks
    • misinformation
    • privacy and surveillance
    • protest and unrest
  • War
  • Sanctions
    • Sanctions News
    • Global Sanctions Feed
    • European Sanctions Feed
    • Canadian Sanctions Feed
    • US Sanctions Feed
  • Regions
    • Asias
    • Europe
    • Oceania
    • Middle East
    • US & Canada
    • World
  • Enforcement Actions
  • Economy
    • Crypto
  • Video
  • Freedom of Speech / Press
  • Toggle search form
  • Russia says jet scrambled as US B-52 bombers fly over Baltic Sea international conflict
  • Railroad reluctant to say who OK’d chemical burn after Ohio derailment corporate corruption
  • Scientists insist on continuing search for toxics in East Palestine corporate corruption
  • US announces sanctions on Iran drone procurement network _enforcement
  • Putin and Xi sign two documents in Moscow economy
  • JP Morgan, Deutsche Bank to face lawsuit over Epstein ties banks
  • Zuckerberg, Meta sued for failing to address sex trafficking, child exploitation corporate corruption
  • Top aide of Canadian PM Trudeau will testify in parliament on Chinese election meddling corporate corruption

Banks to pay $4.7 billion in compensation to customers (AMP, ANZ, CBA, Macquarie, NAB and Westpac)

Posted on March 9, 2023March 10, 2023 By CorruptionLedger No Comments on Banks to pay $4.7 billion in compensation to customers (AMP, ANZ, CBA, Macquarie, NAB and Westpac)

ASIC has announced six of Australia’s largest banking and financial services institutions have paid or offered to pay a total of $4.7 billion in compensation to customers who suffered loss or detriment because of fees for no service misconduct or non-compliant advice.

AMP, ANZ, CBA, Macquarie, NAB and Westpac all undertook the review and remediation programs to compensate affected customer as a result of two major ASIC reviews.

ASIC commenced the reviews to look into the extent of failure by the institutions to deliver ongoing advice services to financial advice customers who were paying fees to receive those services and how effectively the institutions supervised their financial advisers to identify and deal with “non-compliant advice”.

In an ASIC media statement on its website, the latter refers to personal advice provided to a retail client by an adviser who did not comply with the relevant conduct obligations in the Corporations Act, such as the obligations to give appropriate advice or to act in the best interests of the clients, at the time the advice was given.

“While this final update on remediation figures draws a line under this program of work – following eight years of addressing financial institutions’ and advisers’ failure to provide ongoing services to fee paying customers – we will continue to monitor institutions’ processes to complete ongoing work in this area,” said ASIC Commissioner Danielle Press.

“ASIC compensation for financial advice related misconduct project has shone a light on the advice fees that customers are paying and the services they should be receiving in return,” Press said. “The subsequent programs have resulted in very significant remediation payments to affected consumers.”

The total figure is for funds paid or offered up to 31 December 2022. ASIC said it anticipated this would be the final update on compensation because most of these programs were substantially complete. ASIC said it would continue to monitor the implementation and finalisation of remaining programs.

image

Source: ASIC

Australian Broker - brokernews.com.au

_enforcement, enforcement, Regions, regulatory, regulatory compliance, x.brokernews Tags:z.brokernews

Post navigation

Previous Post: Canada police probe allege there are Chinese ‘police stations’ in Montreal
Next Post: Judge extends pretrial detention for Peru’s ex-President Castillo

See also

  • Taiwan unveils portable attack drone as China tensions rise Region Asias
  • Sterling Bancorp, Inc. to Plead Guilty to $69M Securities Fraud _enforcement
  • Zuckerberg, Meta sued for failing to address sex trafficking, child exploitation corporate corruption
  • United States Obtains Warrant for Seizure of Airplane Owned by Russian Oil Company Valued at More Than $25 Million _enforcement
  • Civilians flee embattled Ukrainian town of Bakhmut corruption
  • Canadian province tries decriminalizing drugs to fight overdose crisis health

You must log in to post a comment.

  • Railroad reluctant to say who OK’d chemical burn after Ohio derailment
  • Scientists insist on continuing search for toxics in East Palestine
  • Top aide of Canadian PM Trudeau will testify in parliament on Chinese election meddling
  • Zuckerberg, Meta sued for failing to address sex trafficking, child exploitation
  • Norfolk Southern: Independent group finds toxic chemicals that Ohio EPA didn’t – Ohio train derailment (East Palestine)
  • JP Morgan, Deutsche Bank to face lawsuit over Epstein ties
  • Putin announces readiness to switch to the Chinese Yuan currency in foreign trade
  • Putin and Xi sign two documents in Moscow
  • US announces sanctions on Iran drone procurement network
  • Russia says jet scrambled as US B-52 bombers fly over Baltic Sea
Rumble Video

Corruption Ledger Follow

The Public ▇▇▇ Ledger of ▇▇▇ Corruption. https://t.co/wkobrEotQR

5amResearch
Corruption Ledger @5amresearch ·
10 Feb

News Coverage of the September 2022 #NordStream Pipeline Attack https://corruptionledger.com/news-coverage-of-the-september-2022-nord-stream-pipeline-attack/ via @5amResearch

Reply on Twitter 1623868066818928641 Retweet on Twitter 1623868066818928641 Like on Twitter 1623868066818928641
Corruption Ledger @5amresearch ·
10 Feb

Mia Jankowicz of Business Insider calls Pulitzer prize-winning journalist Seymore Harsh a "discredited journalist." #NordStream

Reply on Twitter 1623857264086974464 Retweet on Twitter 1623857264086974464 Like on Twitter 1623857264086974464 1
Corruption Ledger @5amresearch ·
9 Feb

#Kraken to Discontinue Unregistered Offer and Sale of Crypto Asset Staking-As-A-Service Program and Pay $30 Million to Settle SEC Charges
https://www.sec.gov/news/press-release/2023-25

Reply on Twitter 1623815305452560384 Retweet on Twitter 1623815305452560384 Like on Twitter 1623815305452560384
Corruption Ledger @5amresearch ·
9 Feb

SpaceX: Ukraine breaching agreement, weaponizing Starlink https://en.mdn.tv/71FW

Reply on Twitter 1623685510496505860 Retweet on Twitter 1623685510496505860 Like on Twitter 1623685510496505860
Load More

–

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Copyright © 2022 Corruption Ledger. This web site contains no ads.