Search Results for: fofa

Westpac ordered to pay $9.15 million penalty for 22 breaches of the Corporations Act

ASIC says that the Federal Court of Australia has today ordered Westpac Banking Corporation to pay a penalty of $9.15 million in respect of 22 contraventions of section 961K of the Corporations Act (the Act), and to pay ASIC’s costs of the proceeding. The court case relates to poor financial advice provided by a former … Continue reading “Westpac ordered to pay $9.15 million penalty for 22 breaches of the Corporations Act”

ASIC wins appeal against Westpac companies

In a fresh blow to Westpac, the Federal Court this morning delivered the corporate regulator a win in its appeal against a previous ruling on Westpac’s telephone campaigns. Via Financial Standard. The full court this morning said ASIC’s appeal will be allowed with costs, while Westpac-related companies’ cross-appeal will be dismissed. The matter relates to … Continue reading “ASIC wins appeal against Westpac companies”

Consumers Confusing Different Types of Financial Advice – ASIC

ASIC has released new research revealing many consumers confuse ‘general’ and ‘personal’ advice exposing them to greater risk of poor financial decisions.  The ASIC report, Financial advice: Mind the gap (REP 614), presents new independent research on consumer awareness and understanding of general and personal financial advice, identifying substantial gaps in consumer comprehension. “This disturbing … Continue reading “Consumers Confusing Different Types of Financial Advice – ASIC”

ASIC Responds To RC

ASIC said the royal commission’s recommendations reinforce and will inform the implementation of steps ASIC has been taking as part of a strategic program of change that commenced in 2018 to strengthen its governance and culture and to realign its enforcement and regulatory priorities; via InvestorDaily.  “There are 12 recommendations that are directed at ASIC, … Continue reading “ASIC Responds To RC”

We’ll wait an eternity for the banks to fix themselves

From The Conversation. Asked at the banking royal commission how long it might take to embed the right culture in the National Australia Bank, its chairman Ken Henry replied: ten years. As head of the Commonwealth Treasury before he left to join the NAB board in 2011, Dr Henry was regarded as a good, if … Continue reading “We’ll wait an eternity for the banks to fix themselves”

ABA – Ending Fees for No Service, Grandfathered Payments

The ABA says Australia’s banks will change the Banking Code of Practice to overhaul the way they manage a customer’s estate when they have died and end ‘fees for no service’ across the industry. Further to this they will seek new legislation to end grandfathered payments and trail commissions for financial advisers. Surely this should … Continue reading “ABA – Ending Fees for No Service, Grandfathered Payments”

What IS A Bank For?

Perhaps originally a banks was a safe place for people with money to store it, and people who needed funds to obtain them. Simple. But when I worked for the big banks there was an increasing focus on boosting shareholder returns by financial engineering and acquisition, and this included expanding into areas such as wealth … Continue reading “What IS A Bank For?”

Fixing The Banking System – The Property Imperative Weekly 5th May 2018

Welcome to our latest digest of finance and property news to 5th May 2018. Read the transcript, or watch the video. We continue to be bombarded with news of more issues in the banking sector. CBA admitted that they have “lost” customer data contained on two tapes relating to almost 20 million accounts. The event … Continue reading “Fixing The Banking System – The Property Imperative Weekly 5th May 2018”

It’s Time to Unify Financial Advice and Mortgage Broking

The Royal Commission into Financial Services Misconduct has now uncovered evidence of poor industry practice from both the lending camp, including from mortgage brokers, and the financial advice camp. In both cases their forensic analysis revealed cases of consumers being put in the wrong products, charged for services they never received and on fee structures … Continue reading “It’s Time to Unify Financial Advice and Mortgage Broking”

More Cultural Badness From The Finance Sector.

Today we take a look at the latest from the Royal Commission into Financial Service Misconduct, which recommenced its hearings yesterday again, with a focus on the Financial Planning Sector. Financial Advisers provide advice on a range of areas of consumer finance, investing, superannuation, retirement planning, estate planning, risk management, insurance and taxation. ASIC says … Continue reading “More Cultural Badness From The Finance Sector.”