{"id":43953,"date":"2019-03-11T16:34:38","date_gmt":"2019-03-11T06:34:38","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=43953"},"modified":"2019-03-13T06:03:48","modified_gmt":"2019-03-12T20:03:48","slug":"asic-critical-of-delays-in-fees-for-no-service-reviews","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/03\/11\/asic-critical-of-delays-in-fees-for-no-service-reviews\/","title":{"rendered":"ASIC Critical of Delays in Fees-For-No-Service Reviews"},"content":{"rendered":"<p>ASIC has expressed its disappointment in what it terms &#8216;unreasonable delays&#8217; associated with further review programs around the fees-for-no-service failures of six leading financial institutions.<\/p>\n<p><!--more-->While it acknowledges the significant scale of the reviews, the regulator has nonetheless taken aim at the big four banks, AMP and Macquarie for their tardiness.<\/p>\n<p>ASIC says the reviews relate to systemic failures over long periods &#8211; going back six to ten years &#8211; covering 36 licensees from the six institutions that currently authorise more than 7,000 advisers:<\/p>\n<h6>&#8230;we believe the institutions have failed to sufficiently prioritise and resource their reviews<\/h6>\n<p>\u201cHowever, we believe the institutions have failed to sufficiently prioritise and resource their reviews, particularly as ASIC advised them to commence the reviews in mid-2015 or early 2016,\u201d commented the regulator.<\/p>\n<p>ASIC&#8217;s release details the main reasons for delays by the institutions as comprising:<\/p>\n<ul>\n<li>Poor record-keeping and systems within the institutions, which mean that in many cases they have been unable to access customer files for review<\/li>\n<li>Failure by some institutions to propose reasonable customer-centric methodologies to identify and compensate customers<\/li>\n<li>A legalistic approach taken by some institutions towards determination of the services they were required to provide<\/li>\n<\/ul>\n<p><a href=\"https:\/\/asic.gov.au\/about-asic\/news-centre\/find-a-media-release\/2019-releases\/19-051mr-asic-provides-update-on-further-reviews-into-fees-for-no-service-failures\/#appendix\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to access a more detailed and individualised summary released by ASIC into each institution&#8217;s approach to addressing their further reviews.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASIC has expressed its disappointment in what it terms &#8216;unreasonable delays&#8217; associated with further review programs around the fees-for-no-service failures of six leading financial institutions.<\/p>\n","protected":false},"author":3,"featured_media":43985,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[4247],"class_list":["post-43953","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=43953"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/43985"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=43953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=43953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=43953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}