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The National Australia Bank's bad advice compensation bill has hit more than $1.2 billion - the highest liability among the major financial institutions.
In an unprecedented move, ASIC has commenced six civil penalty proceedings against Westpac for widespread compliance failures in its banking, wealth, superannuation and general insurance businesses.
In an unprecedented move, the corporate regulator has launched multiple civil penalty proceedings again the bank for matters including fee-for-no-service for deceased customers, insurance in super, and inadequate fee disclosure.
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 remediation.
NZ Post buys a share of parcel processing firm, putting another 130 jobs on the line stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.
Westpac to pay $87m for corporate action notice failures Save Share Westpac will pay $87 million in compensation for customers of its BT wrap platform who were not notified of corporate actions involving listed companies they had invested in over nearly 15 years. The bank committed to remediate customers who owned shares via Westpac advisers but were not made aware of an estimated 328,000 corporate actions from 2005 to 2019, the corporate regulator said on Friday. The corporate actions include share buy-backs, renounceable and non-renounceable rights issues, share purchase plans and takeovers. âThese include purchasing additional shares often at a discount to the market price, the creation of temporary rights or options that can be sold for a profit, and the ability to sell shares and receive a benefit that can be tax advantageous depending on the shareholderâs circumstances,â the Australian Securities and Investments Commission statement said.