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Money CBA pays $3m after ASIC advice probe

00:55  14 april  2018
00:55  14 april  2018 Source:   msn.com

Millennial super fund Spaceship has been fined for misleading conduct

  Millennial super fund Spaceship has been fined for misleading conduct The company behind Spaceship superannuation -- an online super fund pitched at millennials with a focus on tech stocks -- has been fined by the corporate regulator for false and misleading conduct. The Australian Securities & Investment Commission (ASIC) said Spaceship Financial Services Pty Ltd -- the promoter of the Spaceship Super Fund -- has paid a $12,600 fine for infringements under the ASIC Act. Trustee company Tidswell Financial Services Pty Ltd has also paid a $12,600 fine.

ANZ to pay $ 3 m after ASIC investigation - nz.finance.yahoo.com. The Senate has been probing ­misconduct in CBA ’s financial advice business between 2006 and 2010 as part of a broader probe into the performance of the Australian Securities and Investments Commission .

That's 21 places lower than in last year's Australian Corporate Reputation Index, and six places below the Australian Taxation Office. CBA pays $ 3 m after ASIC advice probe .

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Commonwealth Bank has agreed to pay $3 million after the corporate watchdog found two of the lender's financial planning arms charged customers millions of dollars for advice they did not receive.

The Australian Securities and Investments Commission on Friday said Commonwealth Financial Planning and BW Financial Advice had been unable to prove they had advised about 31,500 customers between 2007 and 2015.

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  Banking royal commission: AMP loses count of how many times it misled ASIC AMP's head of financial advice loses count of the number of times the company misled corporate regulator ASIC over charging customers fees for no service, in evidence given to the financial services royal commission. The financial services company is the first institution to be questioned by the commission over the fee-for-no-service scandal, which also involves the four major banks.The five institutions are paying out a combined $216 million in refunds to more than 300,000 customers who were charged fees for financial advisory services they never received.

04:30 22 april 2018 Source: smh.com.au. CBA pays $ 3 m after ASIC advice probe . CBA has agreed to pay $ 3 million after ASIC found two of its financial planning arms charged customers millions of dollars for advice they did not receive.

ANZ Bank will pay $ 3 million and has pledged to overhaul processes in its financial advice business after failing to give more than 10,000 customers annual reviews of their investments. The Australian Securities and Investments Commission ( ASIC )

ASIC said CBA, which discovered the problem and reported it to ASIC in 2014, has almost finished paying $88.6 million in compensation to customers.

Commonwealth Bank © REUTERS/Daniel Munoz Commonwealth Bank CBA chief executive Matt Comyn, who took charge of the bank on Monday, said the lender recognised its failures.

"This is unacceptable and we owe our customers an apology for letting them down," Mr Comyn said.

The so-called "community benefit payment" of $3 million was part of an enforceable undertaking entered into by the CBA subsidiaries, which included using independent financial auditor EY to assess its processes and to provide public updates on what it is doing to remedy failings.

Rival lender ANZ last week also made a $3 million undertaking after ASIC said the bank failed to provide more than 10,000 of its customers with annual reviews of their investments.

ANZ's final compensation figure is estimated to be $46.85 million.

Banking royal commission revelations 'worse than I thought', says former ACCC boss .
The banking royal commission has revealed more systemic, shocking and unconscionable behaviour than could have been predicted and corporate watchdog ASIC may have grown "too close" to the financial sector, says former ACCC chairman Allan Fels. 

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